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• <br />• <br />to the provisions of Minnesota Statutes, Sections 469.124 through 469.134, and has approved a <br />development program (the "Program ") with respect to the Development District; and <br />B. WHEREAS, the Council has also heretofore created Tax Increment Financing District <br />Nos. 2 and 8 as redevelopment districts within the Development District (together, the "Tax <br />Increment District ") under the provisions of Minnesota Statutes, Sections 469.174 through <br />469.179 and has approved a tax increment financing plan (the "Plan ") with respect to the Tax <br />Increment District; and <br />C. WHEREAS, pursuant to the provisions of the Program and Plan, funds are to be <br />expended within the Development District to provide money to finance land acquisition and site <br />improvement costs within the Development District, as set forth in the Plan (the "Project "); and <br />D. WHEREAS, the City Council has heretofore determined that it is necessary and <br />expedient to issue $1,680,000 General Obligation Taxable Tax Increment Bonds, Series 2001B <br />(the "Bonds" or individually, a 'Bond "), pursuant to Minnesota Statutes, Chapters 469 and 475, <br />to finance the Project; and <br />E. WHEREAS, it is in the best interests of the City that the Bonds be issued in book - <br />entry form as hereinafter provided; and <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ramsey, <br />Minnesota, as follows: <br />1. Acceptance of Proposal. The proposal of U S Bancorp Piper Jaffray (the <br />"Purchaser "), to purchase the Bonds in accordance with the Official Terms of Bond Sale, at the <br />rates of interest hereinafter set forth, and to pay therefor the sum of $1,659,000.00 , plus interest <br />accrued to settlement, is hereby found, determined and declared to be the most favorable <br />proposal received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. <br />The Administrator is directed to retain the deposit of the Purchaser and to forthwith return to the <br />unsuccessful bidders their good faith checks or drafts. <br />1237935.1 <br />2. Bond Terms. <br />(a) Title; Original Issue Date; Denominations Maturities: Term Bond Option. The <br />Bonds shall be dated January 1, 2001, as the date of original issue and shall be issued forthwith <br />on or after such date as fully registered bonds. The Bonds shall be numbered from R -1 upward <br />in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the <br />"Authorized Denominations "). The Bonds shall mature on December 15 in the years and <br />amounts as follows: <br />2 <br />