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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF RAMSEY, MINNESOTA <br /> <br />HELD: February 13, 2007 <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Ramsey, Anoka County, Minnesota, was duly held at the City Hall on February 13,2007, at <br />_ o'clock P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of <br />$955,000 General Obligation Tax Increment Refunding Bonds, Series 2007B. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br />adoption: <br /> <br />introduced the following resolution and moved its <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />$955,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES <br />2007B AND PLEDGING 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.1 (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 has also heretofore created Tax Increment Financing <br />District No.8 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, tax increments derived from the Tax Increment District are referred <br />to herein as the "Tax Increments"; and <br /> <br />D. WHEREAS, the City has heretofore issued its $920,000 original principal amount <br />General Obligation Tax Increment Bonds, Series 2001B, dated January 1,2001 (the "Prior <br />Bonds"), pursuant to a resolution of the City Council adopted on December 19,2000 (the "Prior <br />Resolution"), for the purpose of providing money to finance certain capital and administration <br />costs associated with public infrastructure costs (the "Project"), within the Development District; <br />and <br /> <br />E. WHEREAS, $920,000 in principal amount ofthe Prior Bonds which mature on <br />December 15,2011, and thereafter are subject to redemption and prepayment at the option of the <br />City on December 15,2006 and on any date thereafter at a price of par plus accrued interest, as <br />provided in Prior Resolution; and <br /> <br />1988178vl <br />