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RESOLUTION NO. <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br />A RESOLUTION AUTHORIZING THE SALE OF <br />GENERAL OBLIGATION TAX INCREMENT <br />REFUNDING BONDS, SERIES 2016A SUBJECT TO CERTAIN PARAMETERS; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />PROVIDING FOR THEIR PAYMENT; PROVIDING <br />FOR THE ESCROWING AND INVESTMENT OF THE PROCEEDS <br />THEREOF; AND PROVIDING FOR THE REDEMPTION OF <br />BONDS REFUNDED THEREBY <br />BE IT RESOLVED By the City Council of the City of New Brighton, Ramsey County, <br />Minnesota (the "City") as follows: <br />Section 1. Sale of Bonds. <br />1.01 Background; Findings. It is hereby determined that: <br />(a) the City is authorized by Minnesota Statutes, Chapter 475 (including <br />without limitation Section 475.67, Subdivision 3), Minnesota Statutes, Sections 469.174 <br />through 469.1794, and Minnesota Laws of 1998, Chapter 389, Article 11, Section 24 <br />(collectively, the "Act") to issue and sell its general obligation bonds to refund <br />obligations and the interest thereon before the due date of the obligations, if consistent <br />with covenants made with the holders thereof, when determined by the City Council to be <br />necessary or desirable for the reduction of debt service cost to the City or for the <br />extension or adjustment of maturities in relation to the resources available for their <br />payment; <br />(b) Minnesota Statutes, Section 475.67, subdivision 13, permits the sale of <br />crossover refunding obligations as long as the proceeds of the crossover refunding <br />obligations are deposited in a debt service fund maintained as an Escrow Account and <br />irrevocably appropriated to the payment of principal of and interest on the refunding <br />obligations until the date the proceeds are applied to the payment of the obligations to be <br />refunded; <br />(c) it is necessary and desirable to reduce debt service costs that the City issue <br />General Obligation Tax Increment Refunding Bonds, Series 2016A (the "Bonds") to <br />provide for a partial crossover refunding of certain outstanding general obligations of the <br />City; <br />470595v1 JSB NE136-257 <br />