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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br /> CITY OF RAMSEY, MINNESOTA <br /> <br />HELD: December 13, 2005 <br /> <br /> Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall on <br />December 13, 2005, at 7: 00 P.M., for the purpose, in part, of authorizing the issuance and <br />awarding the sale of $1,035,000 General Obligation Taxable Tax Increment Bonds, Series <br />2006A. <br /> <br /> The following members were present: Mayor Garnet, Counc±lmembers Cook, Elvig, <br /> Jeffrey, Pearson and Strommen <br /> <br />and the following were absent: <br />Counc±lmerab er Olson <br /> <br />Member l~lvig introduced the following resolution and moved its adoption: <br /> RESOLUTION ~05-12-433 <br /> RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br /> $1,035,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT <br /> BONDS, SERIES 2006A <br /> AND PLEDGINO FOR THE SECURITY THEREOF TAX INCREMENTS <br /> <br /> A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), has <br />heretofore created Development District No. I (the "Development District") pursuant to the <br />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 /> <br /> B. WHEREAS, the Council also heretofore established Tax Increment Financing <br />District No. 1 as a redevelopment district within the Development District (the "Tax Increment <br />District") under the provisions of Minnesota Statutes, Sections 469.174 through 469.179 and has <br />approved a tax increment financing plan (the "Plan") with respect to the Tax Increment District; <br />and <br /> <br /> C. WHEREAS, the City has heretofore determined and declared that it is necessary <br />and expedient to provide money to finance certain capital and administration costs consisting of <br />land acquisition for redevelopment purposes within the Tax Increment District as set forth in the <br />Plan (the "Project"); and <br /> <br /> D. WHEREAS, the City Council hereby determines and declares that it is necessary <br />and expedient to issue General Obligation Taxable Tax Increment Bonds, Series 2006A in the <br />amount of $1,035,000 (the "Bonds" or individually a "Bond"), pursuant to Minnesota Statutes, <br />Chapter 475, to finance the Project; and <br /> <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 /> <br />1849055vl <br /> <br /> <br />