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Councilmember Specht introduced the following resolution and moved its adoption:
<br /> RESOLUTION #23-268
<br /> RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $8,315,000
<br /> GENERAL OBLIGATION BONDS, SERIES 2023A PLEDGING TAX
<br /> INCREMENTS AND LEVYING A TAX FOR THE PAYMENT THEREOF
<br /> A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City") has
<br /> heretofore determined and declared that it is necessary and expedient to issue $8,315,000 General
<br /> Obligation Bonds, Series 2023A (the 'Bonds" or individually a "Bond"), pursuant to Minnesota
<br /> Statutes, Chapters 475; and
<br /> 1. Chapter 469 to finance a TIF Project, as hereinafter defined, within the City; and
<br /> 2. Sections 410.32 and 412.301to finance the acquisition of capital equipment for
<br /> the City (the "Equipment"); and
<br /> B. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), has
<br /> heretofore established Development District No. 1 (the "Development District") pursuant to the
<br /> provisions of Minnesota Statutes, Sections 469.124 through 469.133, and has approved a
<br /> Development Program (the "Program") with respect to the Development District; and
<br /> C. WHEREAS, the Council has also heretofore established Tax Increment Financing
<br /> (Redevelopment) District No. 14 as a redevelopment district within the Development District(the
<br /> "Tax Increment District") pursuant to Minnesota Laws, 2010, Chapter 389, Article 7, Section 22,
<br /> as amended by Minnesota Laws, 2011, Chapter 112, Article 11, Section 16, Minnesota Laws 2021,
<br /> Chapter 14, Article 9, Section 10, and Minnesota Laws, 2023, Chapter 64, Article 8, Section 10,
<br /> and the provisions of Minnesota Statutes, Section 469.174 through 469.1794 (the "Tax Increment
<br /> Financing Act"), and has approved a tax increment financing plan (the "Plan") with respect to the
<br /> Tax Increment District; and
<br /> D. WHEREAS, pursuant to the provisions of the Program and Plan, funds are to be
<br /> expended within the Development District to provide funds to finance street improvements within
<br /> the Tax Increment District as set forth in the Plan (the "TIF Project"); and
<br /> E. WHEREAS, each item of Equipment to be financed by the Equipment Portion of
<br /> the Bonds has an expected useful life at least as long as the term of the Equipment Portion of the
<br /> Bonds;
<br /> F. WHEREAS, the principal amount of the Equipment Portion of the Bonds does not
<br /> exceed 0.25% of the market value of the taxable property in the City($4,124,767,000 times 0.25%
<br /> is $ 10,311,918); and
<br /> G. WHEREAS, the TIF Project and the Equipment are sometimes referred together
<br /> herein as the "Project"; and
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