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Councilmember Cook
<br />adoption:
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<br />introduced the following resolution and moved its
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<br />RESOLUTION ~04- ~o_~1
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<br />RESOLUTION ACCEPTING PROPOSAL ON THE SALE OF $1,485,000 GENERAL
<br />OBLIGATION CAPITAL IMPROVEMENT CROSSOVER REFUNDING BONDS OF
<br />2004, PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE
<br />PAYMENT THEREOF
<br />
<br /> A. WHEREAS, on September 13, 2004, after a public hearing on the same, the City
<br />of Ramsey, Minnesota (the "City") adopted an amendment to the 2004-2008 Capital
<br />Improvement Program (as amended, the "Plan") in accordance with the provisions of Minnesota
<br />Statutes, Section 475.521, Subd. 3, which provided for refinancing Fire Station No. 1, located at
<br />150th Avenue and Armstrong Boulevard (the "Fire Station"); and
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<br /> B. WHEREAS, on September 13, 2004, after publication of notice ofpublic
<br />hearing, the City held a hearing on the proposed issuance of general obligation capital
<br />improvement bonds pursuant to Minnesota Statutes, Section 475.521, Subd. 2 and no petition
<br />signed by voters equal to five percent of the votes cast in the City in the last general election
<br />reque~ing a vote on the issuance of the Bonds has been filed with the City Admirdstrator within
<br />30 days after the public hearing on the issuance of the Bonds; and-
<br />
<br /> C. WHEREAS, the City Council has heretofore determined that it is necessary and
<br />expedient to issue $1,485,000 General Obligation Capital Improvement Crossover Refunding
<br />Bonds of 2004 (the "Bonds" or individually, a "Bond") pursuant to Minnesota Statutes, Section
<br />475.521 and Chapter 475 to provide funds to acquire the Fire Station pursuant to an advance
<br />refunding of the outstanding Public Facility Lease Revenue Bonds, Series 1999A (City of
<br />Ramsey Lease Obligation) of the Economio Development Authority of the City of Ramsey (the
<br />"EDA"), dated December 1, 1999 (the "Prior Bonds"), as provided in the Plan; and
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<br /> D. WHEREAS, the City has heretofore determined, in accordance with Minnesota
<br />Statutes, Section 475.521, Subd. 4, that the maximum amount of principal and interest to become
<br />due in any year on all the outstatlding bonds issued under Minnesota Statutes, Section 475.521,
<br />including the Bonds, will not equal or exceed 0.05367 percent of taxable market value of
<br />property of the City; and
<br />
<br /> E. WHEREAS, $1,170,000 Of the Prior Bonds which mature on and after February
<br />1, 20 t 0 are callable on February 1, 2009 (the "Callable Prior Bonds"), as provided in the
<br />resolution adopted on November 23, 1999 (the "Prior Resolution"), and in the Mortgage and
<br />Security Agreement and Indenture of Trust, dated December 1, 1999, by and between the EDA
<br />and U.S. Bank Trust National Association, as trustee (the "Indenture") and the refunding of the
<br />Callable Prior Bonds is consistent with covehants made with the holders of the Prior Bonds, and
<br />is necessary and desirable for the reduction of debt service cost to the City; and
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<br /> F. WHEREAS, the payment of $280,000 aggregate prior amount of the Prior Bonds
<br />which mature on February 1, 2005 through February 1, 2008, is also consistent with the
<br />covenants made with the holders of the Prior Bonds; and
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<br />1700675vl
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