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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 Authorityd a the issuance of the Bonds b h <br />anroves pp y the Authority <br />in the maximum principal amount of $5,800 ,000 for the purposes of refundingthe Series 2003 <br />Note, financing public improvements to be undertaken by the City in the Redevelopment Project, <br />J P <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 />Attest: <br />City Clerk <br />Reviewed for Administration: <br />City Manager <br />�2- <br />119 <br />Mayor Pro Tem <br />