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-330- <br /> <br /> EXTRACT OF MINUTES OF A MEETING OF THE <br /> CITY COUNCIL OF THE <br /> CITY OF RAMSEY, MINNESOTA <br /> HELD: January 14, 2003 <br /> <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />ofRamsey, Anoka County, Minnesota, was duly held at the City Hall. on January 14, 2003, at <br />__ o'clock P.M., for the'purpose, in part, of authorizing the issuance and awarding the sale <br />of $945,000 General Obligation Tax Increment Refunding Bonds of 2003. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> Member <br /> <br />introduced the f61towing resolution and moved its adoption: <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />$945,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS OF 2003 <br />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. 1 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 General Obligation Tax Increment <br />Refunding Bonds, Series 1993A, dated November 1, 1993 (the "Prior Bonds"), pursuant to a <br />resolution of the City Council adopted on November 13, 1993 (the "Prior Resolution"), for the <br />purpose providing money to refund the General Obligation Tax Increment Bonds, Series 1987A, <br />dated August 1, 1987, which financed certain capital and administration costs, constituting <br />public improvements (the "Project"), within the Development District; and <br /> <br /> E. WHEREAS, $925,000 in principal amount of the Prior Bonds which mature in the <br />years 2004 and thereafter are subject to redemption and prepayment at the option of the City on <br />February i, 2003 and on any date thereafter at a price of par plus accrued interest, as provided in <br />Prior Resolution; and <br /> <br /> F. WHEREAS, the City Council deems it desirable and in the best interests of the <br />City to call for redemption and prepayment all of the Prior Bonds which mature on February I, <br /> <br />1487836vl <br /> <br /> <br />