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0 issue its $3,500,000 Revenue Note (YMCA Project), Series 2006A and it $500,000 <br />Revenue Note (YMCA Project), Series 2006B (together, the "Revenue Notes "). <br />4. The City has detemuined that it is in the City's best interest to postpone <br />sale of the Bonds until closing on sale of the Revenues Notes. In that regard, the City <br />Finance Director is authorized and directed to determine the date on which (a) the <br />Council will hold a public hearing regarding issuance of the Bonds as required under <br />Section 147(0 of the Internal Revenue Code of 1986, as amended, and (b) the Council <br />will consider proposals for sale of the Bonds; provided that the date of such hearing and <br />Council action may be no sooner than the date of closing for the Revenue Notes. <br />5. The Finance Director is further authorized and directed to cause to be <br />published an appropriate notice of public hearing at least once, not less than fourteen (14) <br />days, nor more than thirty (30) days, prior to the date fixed for the hearing in the official <br />newspaper of the City (and a newspaper of general circulation in the City if the official <br />newspaper is not a newspaper of general circulation in the City). <br />6. Springsted Incorporated is authorized and directed to modify the Terms of <br />Proposal attached to the Prior Resolution to the extent necessary to accommodate the <br />change in schedule, and to include terms for an extraordinary redemption of the Bonds in <br />the event the Project is foreclosed and sold to an entity that is not a qualified 501(c)(3) <br />organization under federal law. <br />• <br />The motion for the adoption of the foregoing resolution was duly seconded by <br />Councilmember , and upon vote being taken thereon the following <br />members voted in favor of the motion: <br />and the following voted against: <br />whereupon the resolution was declared duly passed and adopted. <br />• <br />