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EXTRACT OF MINUTES <br />OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />LITTLE CANADA, MINNESOTA <br />April 27, 1993 <br />Pursuant to due call and notice thereof, a regular meeting <br />of the City Council of the City of Little Canada, Ramsey County, <br />Minnesota was duly called and held at the City Center of said <br />City on the 27th day of April, 1994 at 7:30 P.M. <br />The following members were present: <br />Hanson, Scalze, Morelan, LaValle, and Pedersen; <br />and the following were absent: None. <br />Council Member introduced the following resolution and <br />moved its adoption: <br />A RESOLUTION FOR PRE - PAYMENT OF BONDS <br />BE IT RESOLVED, by the City Council of Little Canada, Minnesota <br />as follows: <br />It has been and it is hereby found, determined and declared <br />that the City of Little Canada has sufficient funds in its debt <br />service account for the $155,000 G.O. Improvement Bonds of 1987 <br />to pay in full the amount of the bonds outstanding with accrued <br />interest on June 1, 1994; <br />It is further bound, determined and declared that it would <br />be in the best interests of the City to pay off the <br />aforementioned bonds on June 1, 1994. <br />It is further bound, determined and declared that the <br />balance of any money remaining in the $155,000 G.O. Improvement <br />Bonds of 1987 Debt Service Account after payment of the costs of <br />the redemption of the aforementioned bonds shall be transferred <br />to the City of Little Canada Closed Bond Account, as well as any <br />future collections made after this action. <br />The adoption of the foregoing resolution was seconded by Council <br />Member and upon vote taken thereon, the following voted <br />in favor thereof: <br />Hanson, Scalze, Morelan, LaValle and Pedersen; <br />and the following voted against same: None. <br />Whereupon said resolution was declared duly passed and <br />adopted by the Council this 27th day of April, 1994. <br />Page 126 <br />