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• <br />The following members were present: <br />1346081v1 <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />RAMSEY, MINNESOTA <br />HELD: November 13, 2001 <br />Pursuant to due call, a regular meeting of the City Council of the City of Ramsey, Anoka <br />County, Minnesota, was duly called and held at the City Hall on Tuesday, November 13, 2001, <br />at 7:00 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of, <br />$1,220,000 General Obligation Taxable Tax Increment Bonds, Series 2001D. <br />and the following were absent: <br />Councilmember Hendriksen introduced the following resolution and moved its adoption: <br />RESOLUTION #01 -11 -414 <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />$1,220,000 GENERAL OBLIGATION TAXABLE <br />TAX INCREMENT BONDS, SERIES 2001D, AND <br />PLEDGING FOR THE SECURITY THEREOF TAX INCREMENTS <br />A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City "), has <br />heretofore created Municipal Development District No. 1 (the "Development District ") pursuant <br />to the 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 />B. WHEREAS, the Council has also heretofore created Tax Increment Financing District <br />No. 1 as a district within the Development District (the "Tax Increment District ") <br />under the provisions of Minnesota Statutes, Sections 469.174 through 469.179 and has approved <br />a tax increment financing plan (the "Plan ") with respect to the Tax Increment District; and <br />C. WHEREAS, pursuant to the provisions of the Program and Plan, funds are to be <br />expended within the Development District to provide money to finance land acquisition and site <br />improvement costs within the Development District, as set forth in the Plan (the "Project "); and <br />D. WHEREAS, the City Council has heretofore determined that it is necessary and <br />expedient to issue $1,220,000 General Obligation Taxable Tax Increment Bonds, Series 2001D <br />(the "Bonds" or individually, a "Bond "), pursuant to Minnesota Statutes, Chapters 469 and 475, <br />to finance the Project; and <br />