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EXTILACT OF MINUTES OF A MEETING OF THE <br />BOARD OF COMMISSIONERS OF THE <br />ECONOMIC DEVELOPMENT AUTHORITY OF <br />THE CITY OF RAMSEY, MINNESOTA <br /> <br />HELD: May 24, 2005 <br /> <br /> Pursuant to due call and notice thereof, a special meeting of the Board of Commissioners <br />o f the Economic Development Authority of the City of Ramsey, Minnesota was duly called-and <br />held at the City Hall in the City of Ramsey, Minnesota on, May 24, 2005 at 7':30 A.M. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br /> Member <br />ad{)pti()n: <br /> <br />introduced the following resolution and moved its <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE OF $19,200,000 PUBLIC <br />PROJECT LEASE REVENUE BONDS, SERIES 2005A (CITY OF RAMSEY, <br />MINNESOTA LEASE OBLIGATION) AND THE EXECUTION AND <br />DELIVERY OF A GROUND LEASE AGP,_EEMENT, A LEASE AGREEMENT <br />AND AN IN'DENTURE OF TRUST IN CONNECTION THEREWITH <br /> <br /> WHEREAS, Minnesota Statutes, Sections 469.090. t .hrough 469.1082 and Sections <br />469.001 through 469.047 (collectively, the "Act") authorizes the Economic, Development <br />Authority of the City of Ramsey, Minnesota (the "Authority") to issue revenue bonds, in <br />m~t~cipation of the collection of revenues of a project, to Finance, in whole or in part, the'cost of <br />acquisition, construction, reconstruction, improvement, betterment or extension of a project; <br /> <br /> WI-LEREAS, the Authority proposes to finance the acquisition, construction and <br />equipping of a municipal center consisting of a city hall, administration, police and related <br />parking (the "Project"), an authorized projecf under the Act to be used by the City of Ramsey, <br />Minnesota (the "City") and to provide funds for such purposes by the issuance of its revenue <br />lmnds pursuant to the Indenture of Trust between the Authority and U.S. Bank National <br />Asst~ciation in St. Paul, Minnesota, as Trustee (the "Trustee"), dated as of June I, 2005 (the <br />"Indent~Lre"). <br /> <br />WHEREAS, the bonds issued under the Indenture will be secured by a pledge and <br />a.%ignment of certain rights of the Authority under the Lease Agreement between the Authority <br /> the City (the "Le~e"), dated as of June 1, 2005 and of the revenues der/¥ed by the Authority <br />l"rom the Project; <br /> <br /> WHEREAS, the bonds shall be payable solely from the revenues pledged therefor and <br />shall not constitute a debt of the Authority within the meaning of any constitutional or statutory <br />limitation nor shall they constitute or give rise to a pecuniary liability of the Authority or a <br /> <br />I76.3923vl <br /> <br /> <br />