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r . . . During said meeting, Councilmember Quick introduced the following Resolution, the reading of which was dispensed with by unanimous consent of the Council, and moved its adoption: RESOLUTION NO. 4902 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF THE CITY'S GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1996B BE IT RESOLVED by the City Council (the "Council") of the City of Mounds View, Minnesota (the "City"), as follows: 1. Findinqs. It is hereby determined: (a) The Council believes it to be in the City's best interest to consider an advance refunding of the City's General Obligation Tax Increment Bonds, Series 1989B, dated November 1, 1989, issued in the original principal amount of $930,000 (the "Prior Bonds") . (b) The Prior Bonds are subject to prepayment on February 1, 1997, at the option of the City at the redemption price of par plus accrued interest. (c) The refunding of the Prior Bonds is consistent with covenants made with the holders thereof and is necessary and desirable for and will result in the reduction of debt service cost to the City. (d) It is necessary and expedient to issue the City's General Obligation Tax Increment Refunding Bonds, Series 1996B (the "Bonds"), to provide moneys for a refunding of the Prior Bonds (which Prior Bonds are sometimes referred to herein as the "Refunded Bonds") . (e) There has been presented to the City the form of a certain Escrow Agreement, dated as of March 1, 1996 (the "Escrow Agreement"), which is to be executed and delivered by and between the City and the Escrow Agent thereunder in connection with the issuance of the Bonds and which provides, in accordance with its terms and the terms of this Resolution, for the deposit and investment within the Escrow Account thereunder of proceeds of the Bonds for subsequent disbursement by the Escrow Agent thereunder. 311080. ., 2