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A <br /> dated December 11, 1990 (the "Joint Powers Agreement") , <br /> providing in part for the issuance by the City of Blaine (on <br /> behalf of all the Cities) of its bonds in an amount not to <br /> exceed $4,450, 000 (the "Bonds") for the purpose of defraying <br /> the expense of the acquisition, construction, furnishing, <br /> and betterment of land, buildings, and equipment for <br /> municipal fire protection and firefighting purposes. <br /> (c) Pursuant to Section III(G) of the Joint Powers <br /> Agreement, each City's share of the debt service on the <br /> Bonds is from year to year equal to that City's percentage <br /> for that year derived from a certain formula (the "Formula") <br /> multiplied by the total amount of debt service due on the <br /> Bonds in the applicable year. <br /> (d) The City's Formula share applicable for 1992 (the <br /> year in which first payment of debt service on the Bonds <br /> occurs) is 22 .75%. Accordingly, the City's share of the <br /> principal amount of the Bonds (which share is hereinafter <br /> referred to as the "City's Bonds") is initially $1, 012 , 375. <br /> (e) At the general municipal election held in the City <br /> on November 6, 1990, the electorate of the City gave its <br /> approval by a vote of 3 , 198 in favor to 1, 317 opposed to the <br /> following question, which was duly presented to the <br /> electorate for its consideration: <br /> "Shall the City of Mounds View, <br /> Minnesota, be authorized to issue <br /> its general obligation bonds in an <br /> amount not to exceed $945, 000 to <br /> defray the expense of the <br /> acquisition, construction, <br /> furnishing, and betterment of land, <br /> buildings and equipment for <br /> municipal fire protection and fire- <br /> fighting purposes?" <br /> (f)---In-the interests-of-efficiency, and-as-provided-ill <br /> the Joint Powers Agreement, the City of Blaine is to be the <br /> issuer of the Bonds, and the Council has been advised that <br /> on April 18, 1991, the Blaine City Council adopted a <br /> resolution awarding the public sale and setting the terms of <br /> the Bonds. Pursuant to that resolution, the Bonds will be <br /> dated as of May 1, 1991, will mature on February 1 in the <br /> years and amounts, and will bear per annum interest, <br /> respectively, as follows: <br /> 15717 <br /> 2 <br />