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EXTRACT OF MINUTES OF A MEETING
<br />OF THE CITY COUNCIL
<br />CITY OF LITTLE CANADA, MINNESOTA
<br />HELD; May 27, 2015
<br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council
<br />of the City of Little Canada, Ramsey County, Minnesota, was duly called and held at the City
<br />Hall on May 27, 2015, at 7:30 P,M,, for the purpose, in part, of authorizing the issuance and
<br />awarding the sale of $1,365,000 General Obligation Refunding Bonds, Series 2015A,
<br />The following members were present:
<br />and the following were absent:
<br />Member introduced the following resolution and moved its adoption:
<br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$1,365,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2015A,
<br />PLEDGING FOR THE SECURITY THEREOF TAX INCREMENTS
<br />A, WHEREAS, the City Council of the City of Little Canada, Minnesota (the
<br />"City"), hereby determines and declares that it is necessary and expedient to provide moneys for
<br />an advance crossover refunding of the "Tax Increment Portion" of the City's $2,690,000 original
<br />principal amount of General Obligation Bonds, Series 2008A, dated April 22, 2008, in the
<br />aggregate outstanding principal amount of $1,295,000 (the "Prior Bonds") maturing in the years
<br />and amounts as follows:
<br />Year Amount Year Amount
<br />2017 $110,000 2022 $130,000
<br />2018 110,000 2023 135,000
<br />2019 115,000 2024 145,000
<br />2020 120,000 2025 150,000
<br />2021 125,000 2026 150,000
<br />B. WHEREAS, the Tax Increment Portion of the Prior Bonds as set forth in Whereas
<br />A (the "Refunded Bonds"), is callable on February 1, 2016 (the "Crossover Date"), at a price of
<br />par plus accrued interest, as provided in the resolution adopted on March 26, 2008, authorizing
<br />the issuance of the Prior Bonds (the "Prior Resolution"); and
<br />C. WHEREAS, the refunding of the Refunded Bonds is consistent with covenants
<br />made with the holders thereof, and is necessary and desirable for the reduction of debt service
<br />cost to the City; and
<br />D. WHEREAS, the City Council hereby determines and declares that it is necessary
<br />and expedient to issue $1,365,000 General Obligation Refunding Bonds, Series 2015A (the
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