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• bonds to redeem and prepay the outstanding amount of the Series 2003 Note and to finance <br /> public improvements to be undertaken by the City in the Redevelopment Project. The Bonds <br /> shall be payable solely from tax increment revenues from the Commercial Development Property <br /> pledged to the payment thereof pursuant to the Indenture and from certain funds held by the <br /> Trustee under the Indenture and pledged to the payment of the Bonds. <br /> Section 2. Approval of Bonds. <br /> 2.01. The City Council hereby determines that the issuance of Bonds is in the best <br /> interests of the City and the Authority and approves the issuance of the Bonds by the Authority <br /> in the maximum principal amount of$5,800,000 for the purposes of refunding the Series 2003 <br /> Note, financing public improvements to be undertaken by the City in the Redevelopment Project, <br /> funding a debt service reserve fund for the Bonds, if determined to be necessary to market the <br /> Bonds, and paying costs of issuance of the Bonds. <br /> Adopted by the City Council of the City of St. Anthony on this 14th day of March, <br /> 2006. <br /> • ayor Pro Tem <br /> Attest: <br /> City Cl <br /> Reviewed for Administration: Aa <br /> City Mdnager <br /> • -2- <br />