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Y" <br />• <br />• <br />1160734.1 <br />RESOLUTION ACCEPTING PROPOSALS ON <br />THE COMPETITIVE NEGOTIATED SALE OF <br />$1,695,000 GENERAL OBLIGATION TAX <br />INCREMENT BONDS, SERIES 2000B, PROVIDING FOR THEIR ISSUANCE, PLEDGING <br />FOR THE SECURITY THEREOF TAX INCREMENTS, AND LEVYING <br />A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City "), <br />has heretofore created Municipal Development District No. 1 (the "Development District ") <br />pursuant to the provisions of Minnesota Statutes, Sections 469.124 through 469.134, and has <br />approved a development program (the "Program ") with respect to the Development District; and <br />B. WHEREAS, the Council has also heretofore created Tax Increment Financing <br />District Nos. 2 and 6 as a redevelopment district within the Development District (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 <br />be expended within the Development District to provide funds to finance certain capital and <br />administration costs associated with a water tower and a well, as set forth in the Plan (the <br />"Project "); and <br />D. WHEREAS, the City Council of the City has heretofore determined that it is <br />necessary and expedient to issue $1,695,000 General Obligation Tax Increment Bonds, Series <br />2000B (the "Bonds" or individually, a "Bond") , pursuant to Minnesota Statutes, Chapters 469 <br />and 475, to finance the Project; and <br />E. WHEREAS, it is in the best interests of the City that the Bonds be issued in <br />book -entry form as hereinafter provided; and <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Ramsey, Minnesota, as follows: <br />1. Acceptance of Proposal. The proposal of Cronin & Company, Incorporated <br />(the "Purchaser "), to purchase the Bonds in accordance with the Terms of Offering, at the rates of <br />interest hereinafter set forth, and to pay therefor the sum of $1,680,467.35, plus interest accrued <br />to settlement, is hereby found, determined and declared to be the most favorable Proposal <br />received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. The <br />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 />2 <br />