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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 held at the City Hall on Tuesday, November 13, 2001, at 7:00 <br />P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of, $1,045,000 <br />General Obligation Tax Increment Bonds, Series 2001C. <br />The following members were present: <br />and the following were absent: <br />Councilmember Hendriksen introduced the following resolution and moved its adoption: <br />RESOLUTION #01 -11 -415 <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />$1,045,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2001C, 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 <br />District No. 1 as a 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 />C. 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 certain capital and <br />administration costs associated with public infrastructure costs within the Tax Increment District <br />as set forth in the Plan (the "Project "); and <br />D. WHEREAS, the City Council of the City has heretofore determined that it is <br />necessary and expedient to issue $1,045,000 General Obligation Tax Increment Bonds, Series <br />2001 C (the "Bonds" or individually, a "Bond ") , pursuant to Minnesota Statutes, Chapters 469 <br />and 475, to finance the Project; and <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 />1346048v) 1 <br />