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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />LITTLE CANADA, MINNESOTA <br />HELD: October 27, 1999 <br />Pursuant to due call and notice thereof, a regular <br />meeting of the City Council of the City of Little Canada, Ramsey <br />County, Minnesota, was duly held at the City Hall in said City on <br />Wednesday, the 27th day of October, 1999, at 7:30 P.M., for the <br />purpose, in part, of considering proposals for, and awarding the <br />sale of, $470,000 General Obligation Permanent Improvement <br />Revolving Fund Bonds, Series 1999A of the City. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following <br />resolution and moved its adoption: <br />RESOLUTION ACCEPTING PROPOSAL ON <br />SALE OF <br />$470,000 GENERAL OBLIGATION PERMANENT <br />IMPROVEMENT REVOLVING FUND BONDS, SERIES 1999A <br />AND PROVIDING FOR THEIR ISSUANCE <br />A. WHEREAS, the City Council of the City of Little <br />Canada, Minnesota (the "City "), has heretofore determined and <br />declared that it is necessary and expedient to issue $470,000 <br />General Obligation Permanent Improvement Revolving Fund Bonds, <br />Series 1999A (the "Bonds ") of the City, pursuant to Minnesota <br />Statutes, Chapters 429 and 475, to finance the assessable portion <br />of various public improvements within the City (the "Bond Funded <br />Improvements "); and <br />B. WHEREAS, the Bond Funded Improvements and all <br />their components have been ordered prior to the date hereof, <br />after a hearing thereon for which notice was given describing the <br />Bond Funded Improvements or all their components by general <br />nature, estimated cost, and area to be assessed; and <br />C. WHEREAS, on September 22, 1999, the City adopted a <br />resolution (the "Preliminary Resolution "), which provided for the <br />sale of the Bonds; and <br />1093421.1 <br />Page 84 <br />