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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 held at the City Hall on December <br />13, 2005, at 7: 0~?.M., for the purpose, in part, of authorizing the issuance and awarding the sale <br />of $745,000 General Obligation Equipment Certificates of Indebtedness, Series 2005C. <br /> <br /> The following members were present: Mayor Gamec, Councilrnembers Cook, Elvig, <br /> Jeffrey, Pearson and Strommen. <br /> <br />and the following were absent: <br /> Councilmember Olson <br /> Member pear,on introduced the following resolution and moved its <br />adoption: RE$OLIYrlOIq t05-12-632 <br /> <br /> RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE <br /> OF $745,000 GENERAL OBLIGATION EQUIPMENT <br /> CERTIFICATES OF INDEBTEDNESS, SERIES 2005C AND <br /> LEVYING A TAX FOR THE PAYMENT THEREOF <br /> <br /> A. WHEREAS, the City of Ramsey, Minnesota (the "City"), hereby determines and <br />declares that it is necessary and expedient to issue $745,000 General Obligation Equipment <br />Certificates of Indebtedness, Series 2005C of the City (the "Certificates"), pursuant to Minnesota <br />Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to finance the purchase of <br />various equipment for the City (the "Equipment"); and <br /> <br /> B. WHEREAS, each item of equipment to be fmanced by the Certificates has an <br />expected useful life at least as long as the term of the Certificates; and <br /> <br /> C. WHEREAS, the principal amount of the Certificates to be issued does not exceed <br />one-quarter of one percent (0.25%) of the market value of[he taxable property in the City <br />($1,681,213,200 times 0.25% is $4,203,033); and <br /> <br /> D. WHEREAS, the Certificates are being sold pursuant to a private sale as permitted <br />by Minnesota Statutes, Sections 412.301 and 475.60, Subdivision 2(1); and <br /> <br /> E. WHEREAS, it is in the best interests of the City that the Certificates be issued in <br />book-entry form as hereinafter provided; and <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, <br />Minnesota, as follows: <br /> <br />1548944vl <br /> <br /> <br />