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1827140v1 4 RESOLUTION NO. 6665 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING THE TERMS OF THE SALE OF THE GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS TO BE ISSUED BY THE CITY OF BLAINE, MINNESOTA WHEREAS, the Cities of Mounds View, Spring Lake Park and Blaine (collectively, the "Cities") propose pursuant to a joint powers agreement, as supplemented from time to time (the "Joint Powers Agreement"), to acquire, construct and equip a new fire station (the "Fire Station"); and WHEREAS, the City of Mounds View, Minnesota (the "City"), held a public hearing on February 14, 2005 on the adoption of a capital improvement plan for, among other things, the Fire Station, and the issuance of General Obligation Capital Improvement Plan Bonds to finance the same; and WHEREAS, on February 14, 2005, the City also adopted a Resolution approving a Supplement to Joint Powers Agreement by and among the Cities and giving preliminary approval to the issuance by the City of Blaine of General Obligation Capital Improvement Bonds in the principal amount of $8,400,000 (the “Bonds”); and WHEREAS there is attached hereto as Exhibit A the Terms of Proposal for the issuance of the Bonds by the City of Blaine; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota, as follows: The City Council hereby approves the Terms of Proposal for the issuance of the Bonds in substantially the form attached hereto, and authorizes the City of Blaine to accept the offer of the lowest bidder for the sale of the Bonds. The City hereby affirms its obligations under the Joint Powers Agreement to pay its proportionate share of debt service on the Bonds. The motion for the adoption of the foregoing resolution was duly seconded by member _______________ and, after full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same: ___________________ ___________________ ____________________ Adopted this 24th day of October, 2005. __________________________________ Kurt Ulrich, City Administrator ATTEST: __________________________________ Rob Marty, Mayor (seal)