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NOV 07 '95 12:46PM EHLERS & ASSOCIATES <br />P.3/3 <br />Council Member introduced the following resolution and moved its <br />adoption: <br />Resolution Amending Terms for Sale of <br />$1,970,000 <br />G.O. Taxable Tax Increment Bonds, Series 1995» <br />City of Little Canada, Minnesota <br />WHEREAS, the City Council of the City of Little Canada, Minnesota, has authorized the <br />sale of the City's 31,970,000 G.O. Taxable Tax Increment Bonds, Series 1995B (the "Bonds "); and <br />WHEREAS, the City has it is necessary and appropriate to purchase the $300,000 portion <br />of the Bonds maturing on February 1, 2005. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of City of Little Canada, <br />Minnesota, as follows: <br />1. The Terms of Proposal are amended to include the provision that the City of Little Canada <br />will purchase the February 1, 2005 principal in the amount of $300,000 from the successful <br />bidder at an interest rare equal to the rate for the ycar 2000 plus 50 basis points. <br />2. The provision for Optional Redemption shall be amended ro allow the City the ability to <br />prepay the Bonds beginning on February 1, 1999 and on any date thereafter. <br />The motion for the adoption of the foregoing resolution was duly seconded by Council Member <br />and, after full discussion thereof and upon a vote being taken thereon, <br />the following voted in favor thereof <br />and the following voted against the same: <br />Whereupon said resolution was declared duly passed and adopted, <br />ATTEST: <br />City Administrator <br />Mayor <br />Page 8 <br />