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A RESOLUTION FOR PRE - PAYMENT OF BONDS <br />$200,000 G.O. TAX INCREMENT BONDS OF 1988 <br />BE IT RESOLVED, by the City Council of Little Canada Minnesota: <br />It has been and it is hereby found, determined and declared that <br />the City of Little Canada has sufficient funds in its debt <br />service account for the $200,000 G.O. Tax Increment Bonds of 1988 <br />to pay in full the amount of the bonds outstanding ($70,000) with <br />accrued interest ($3,500) on December 1, 1996; <br />It is further found, determined and declared that it would be in <br />the best interests of the City to pay off the aforementioned <br />bonds on December 1, 1996; <br />It is further found, determined and declared that the balance of <br />any money remaining in the $200,000 G.O. Tax Increment Bonds of <br />1988 Debt Service Account after payment of the costs of the <br />redemption of the aforementioned bonds shall be expended in a <br />manner consistent with the Development District Program and <br />Minnesota Statutes. <br />The adoption of the foregoing resolution was moved by Council <br />Member and seconded by Council Member and upon vote <br />taken thereon, the following voted in favor thereof: <br />Fahey, Scalze, Morelan, LaValle, and Pedersen; <br />and the following voted against same: None. <br />Whereupon said resolution was declared duly passed and adopted <br />this 9th day of October, 1996. <br />Page 14 <br />