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Extract of Minutes of Meeting <br />of the City Council of the City of <br />New Brighton, Ramsey County, Minnesota <br />to due call and notice thereof, a regular meeting of the City Council of the City of <br />New 40ghton, Ramsey, Minnesota, was duly held in the City Hall in said City on Tuesday, May <br />22, 20OV, commencing at 6:30 P.M. <br />following members were present: <br />and tho) following were absent: <br /> <br />Member <br />introduced the following resolution and moved its adoption : <br />RESOLUTION NO. 07-050 <br />RESOLUTION AMENDING RESOLUTION 06-054 ACCEPTING PROPOSAL <br />ON SALE OF $20,450,000 GENERAL OBLIGATION <br />TAX INCREMENT BONDS, SERIES 2006A <br />AND PROVIDING FOR THEIR ISSUANCE <br />BE IT RESOLVED by the City Council of the City of New Brighton, Ramsey County, <br />ota (the "City") as follows: <br />Section 1. Recitals. <br />A 1.01. By resolution approved June 27, 2006 (the "Prior Resolution"), the City awarded the <br />sale its $20,450,000 General Obligation Tax Increment Bonds, Series 2006A (the "Series 2006A <br />Bon ') in order to finance certain public development costs within Development District No. 1 <br />(the ` roject" ). <br />1.02. In Section 4.01 of the Prior Resolution, the City pledged certain tax increments (the <br />"Ple ed Tax Increments") derived from Tax Increment Financing District No. 31 (the "District") <br />wi the Project to the Series 2006A Bonds, to the extent required to meet, with other pledged <br />sour 4s, 105 percent of the principal and interest requirements on the Series 2006A Bonds, subject <br />to ?! City's rights to pledge Pledged Tax Increment (at the City's option on a parity, superior or <br />sub4inate basis) to pay principal of and interest on both the Series 2006A Bonds and any other <br />SJB NE136-21.4