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<br />F. WHEREAS, the City Council deems it desirable and in the best interests ofthe <br />City to call for redemption and prepayment all of the Prior Bonds which mature on <br />December 15,2011, and thereafter, on March 15,2007 in accordance with the Prior Resolution <br />in order to reduce the debt service costs to the City; and <br /> <br />G. WHEREAS, the City Council hereby determines and declares that it is necessary <br />and expedient to issue $955,000 General Obligation Tax Increment Refunding Bonds, Series <br />2007B (the "Bonds" or individually, a "Bond"), pursuant to Minnesota Statutes, Chapter 475, to <br />provide funds to pay on March 15,2007, all of the Prior Bonds (the "Refunded Bonds"), which <br />then remain outstanding (the "Refunding"); and <br /> <br />H. WHEREAS, no other obligations have been sold pursuant to a private sale within <br />the last twelve (12) calendar months of the date hereof which when combined with this issue <br />would exceed the $1,200,000 limitation on negotiated sales as required by Minnesota Statutes, <br />Section 475.60, Subdivision 2(2); and <br /> <br />I. WHEREAS, it is in the best interests of the City that the Bonds be issued in book- <br />entry form as hereinafter provided; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ramsey, <br />Minnesota, as follows: <br /> <br />1. Acceptance of Offer. The offer of Northland Securities, Inc. (the "Purchaser"), to <br />purchase the Bonds, in accordance with the terms and at the rates of interest hereinafter set forth, <br />and to pay therefor the sum of $ , plus interest accrued to settlement, is hereby <br />accepted. <br /> <br />2. Bond Terms. <br /> <br />(a) Title: Original Issue Date: Denominations: Maturities: Term Bond Option. The <br />Bonds shall be titled "General Obligation Tax Increment Refunding Bonds, Series 2007B", shall <br />be dated March 1,2007, as the date of original issue and shall be issued forthwith on or after <br />such date in fully registered form. The Bonds shall be numbered from R-l upward in the <br />denomination of $5,000 each or in any integral multiple thereof of a single maturity (the <br />"Authorized Denominations") and shall mature on December 15 in the years and amounts as <br />follows: <br /> <br />Year Amount Year Amount <br />2007 2011 <br />2008 2012 <br />2009 2013 <br />2010 2014 <br /> <br />As may be requested by the Purchaser, one or more term Bonds may be issued having <br />mandatory sinking fund redemption and final maturity amounts conforming to the foregoing <br />principal repayment schedule, and corresponding additions may be made to the provisions of the <br />applicable Bond(s). <br /> <br />1988178vl <br /> <br />2 <br />