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(c) the City is authorized by Section 469.178 of the TIF Act to issue and sell its general obligations to pay all or a portion of the public development costs related to the District and the NW Quad as identified in the tax increment financing plan (Plan) far the TIF District, including without limitation the acquisition of property; (d) in connection with redevelopment of the NW Quad, the City purchased certain property within the NW Quad and the District (the "Midwest Asphalt Properly") pursuant to the terms of a Binding Mediatedand5lVlidwest Agreement between the City, Walborn, Ltd. ("Walborn") « Asphalt Corporation ("MWA") dated September 27, 2005 (the Binding Agreement"). (e) Pursuant the Binding Agreement, as part of the consideration far purchase of the Midwest Asphalt Property the City issued its $11,951,940.29 General Obligation Taxable Tax Increment Revenue Notes, Series 2006B (the "Series 2006B Notes"). (~ the City is also authorizbedd b sio i~ of ~~ AC ttp'issue and sell(it eg neral and Section 475.67, Su obligation bonds to refund obligations and the interest thereon before the due date of the obligations, if consistent with covenants made with the holders thereof, when determined by the City Council to be necessary or desirable for the reduction of debt service cost to the City or for the extension or adjustment of maturities in relation to the resources available for their payment; (g) Section 475.67, subdivision 4 of the Act permits the sale of refunding obligations during the six month period prior to the date on which the obligations to be refunded may be called for redemption; (h) it is necessary and expedient to the sound financial management of the affairs of the City, and to reduce debt service costs, to issue approximately $15,100,000 General Obligation Tax Increment Bonds, Series 2007B (the "Bonds") to refund the outstanding principal amount of and accrued interest on the Series 2006B Notes. (i) the City has heretafo tes to the owner dthereofasuchtredemption ttot o cur the Series 2006B No on June 15, 2007. (j) the City is authorized by Minnesota Statutes, section 475.60, subdivision 2(9) to negotiate the sale of the Bonds, it being determined that the City has retained an independent financial adviser in connection with such sale. 2. In order to refinance the portion of the acquisition cost of the Midwest Asphalt 'rty evidenced by the Series 2006B Notes, the City will therefore issue and sell Bonds in the ~nt of $14,873,500. 1n order to provide in part the additional interest required to market the is at this time, additional Bonds will be issued in the amount of $226,500. The excess of the ase price of the Bonds over the surnri f interest firsOtOCOmir~gedue on the additional Bonds, ~fnr the Bands for the purpose of pay g