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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br /> <br />RESOLUTION NO. XXXX <br /> <br />AUTHORIZING THE REDEMPTION AND PREPAYMENT OF THE <br />AUTHORITY’S TAXABLE TAX INCREMENT REVENUE BONDS, <br />SERIES 2001 <br /> <br /> <br /> BE IT RESOLVED by the Board of Commissioners of the Mounds View Economic Development <br />Authority (the “Authority”) that: <br /> <br /> Section 1. Authorization and Recitals. <br /> <br />1.01. Pursuant to Minnesota Statutes, Sections 469.090 through 469.108, the Authority previously <br />issued and sold its Taxable Tax Increment Revenue Bonds, Series 2001 (the “Bond”), dated October 1, 2001, <br />in the original aggregate principal amount of $815,000, of which $394,000 in principal amount is currently <br />outstanding. The Bond maturing on February 1, 2013, is subject to call for prior redemption on February 1, <br />2010, or on any February 1 or August 1 (each an “Interest Payment Date”) thereafter at a price of par, plus <br />accrued interest to the date of redemption. The Bond was issued under an Indenture of Trust, dated <br />October 1, 2001 (the “Indenture”), between the Authority and U.S. Bank National Association (formerly <br />known as U.S. Bank Trust National Association), Saint Paul, Minnesota, as trustee (the “Trustee”). <br /> <br />1.02. The Bond matures on February 1, 2013, with principal and interest due in semiannual <br />installments on February 1 and August 1. <br /> <br /> 1.03. On February 1, 2010 (the “Redemption Date”), the Authority proposes to redeem and prepay <br />the outstanding principal amount of the Bond in the amount of $345,000, plus accrued interest to the <br />Redemption Date. <br /> <br /> Section 2. Findings. <br /> <br /> It is in the best interests of the Authority that the Authority redeem and prepay the outstanding Bond, <br />in whole, upon the terms set forth in the Indenture. <br /> <br /> Section 3. Approval of Redemption. <br /> <br /> 3.01. The Authority hereby authorizes the redemption and prepayment of the Bond, in whole, upon <br />the terms set forth in the Indenture and this Resolution, and under such terms, conditions, and requirements <br />approved by the Executive Director of the Authority. <br /> <br /> 3.02. The Trustee is authorized and directed to send a copy of the Notice of Redemption to each <br />registered owner of the Bond. <br /> <br /> 3.03. The President and the Executive Director of the Authority or their designees are hereby <br />authorized and directed to execute all notices and other documents required as a condition to the redemption <br />and prepayment of the Bond, as prescribed herein and in the Indenture, and to deliver them to the Trustee, <br />together with a certified copy of this Resolution, any other documents required in the Indenture, and such other <br />certificates, documents, and instruments as may be appropriate to effect the transactions herein contemplated. <br /> <br /> 3.04. The approval hereby given includes an approval of modifications thereto, deletions therefrom, <br />and additions thereto as may be necessary and appropriate and approved by Kennedy & Graven, Chartered, as <br />Bond Counsel, and the Executive Director prior to the execution of the documents. The execution of an <br />instrument by the appropriate officer or officers of the Authority herein authorized shall be conclusive evidence