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<br />Resolution 107-02-054 <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 or special meeting of the City Council <br />of the City of Ramsey, Anoka County, Minnesota, was duly held at the City Hall on February 13, <br />2007, at 7: 00 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of <br />$790,000 General Obligation Equipment Certificates of Indebtedness, Series 2007A. <br /> <br />The following members were present: Elvig, Look, Strommen, Dehen, Olson, Jeffrey, <br />Gamec <br /> <br />and the following were absent: None <br /> <br />Member Elvig introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE <br />OF $790,000 GENERAL OBLIGATION EQUIPMENT <br />CERTIFICATES OF INDEBTEDNESS, SERIES 2007AAND <br />LEVYING A TAX FOR THE PAYMENT THEREOF <br /> <br />A. WHEREAS, the City of Ramsey, Minnesota (the "City"), hereby determines and <br />declares that it is necessary and expedient to issue $790,000 General Obligation Equipment <br />Certificates of Indebtedness, Series 2007A of the City (the "Certificates"), pursuant to Minnesota <br />Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to fIllance the purchase of <br />various equipment for the City (the "Equipment"); and <br /> <br />B. WHEREAS, each item of equipment to be financed by the Certificates has an <br />expected useful life at least as long as the term ofthe Certificates; and <br /> <br />C. WHEREAS, the principal amount of the Certificates to be issued does not exceed <br />one-quarter of one percent (0.25%) of the market value of the taxable property in the City <br />($1,871,998,000 times 0.25% is $4,679,995); and <br /> <br />D. WHEREAS, the Certificates are being sold pursuant to a private sale as permitted <br />by Minnesota Statutes, Sections 412.301 and 475.60, Subdivision 2(1); and <br /> <br />E. WHEREAS, it is in the best interests of the City that the Certificates be issued in <br />book-entry form as hereinafter provided; and <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, <br />Minnesota, as follows: <br /> <br />1987047vl <br />