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<br />517008v1 JSB NE136-259 <br />RESOLUTION NO. 2018-__ <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION APPROVING AN AMENDMENT TO GENERAL OBLIGATION TAX <br />INCREMENT REFUNDING BOND, SERIES 2017A BOND <br /> <br />WHEREAS, the City of New Brighton, Minnesota (the “City”) heretofore issued its <br />$5,040,000 General Obligation Tax Increment Refunding Bond, Series 2017A (the “2017A Bond”) to <br />refund a portion of its General Obligation Tax Increment Bonds, Series 2007B dated June 1, 2007 <br />originally issued in the principal amount of $14,985,000 (the “Series 2007B Bonds”); and <br />WHEREAS, passage of the Tax Cuts and Jobs Act of 2017 reduced the Maximum <br />Federal Corporate Tax Rate (as defined in the resolution authorizing the issuance of the 2017A Bond <br />adopted by the City on September 12, 2017 (the “Bond Resolution”)) and triggered an adjustment to the <br />interest rate on the 2017A Bond to 2.10% per annum on January 1, 2018 in accordance with the terms <br />of the 2017A Bond; and <br />WHEREAS, Wells Fargo Bank, National Association (the “Purchaser”) has agreed to <br />further adjusted the rate on the 2017A Bond to 1.99% per annum effective March 1, 2018; and <br />WHEREAS, the City has caused to be prepared an amended and restated 2017A Bond <br />(the “Bond Amendment”) to reflect the adjusted interest rate; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of City of New Brighton, <br />Minnesota, as follows: <br />The Bond Amendment is hereby in all respects approved, together with any consents, <br />certificates, and other documents as are necessary or appropriate in connection with the Bond <br />Amendment, (collectively, the “Amendment Documents”) and Mayor and City Manager of the City <br />(collectively, “City Officials”) are hereby authorized and directed to execute the Amendment <br />Documents on behalf of the City and to carry out, on behalf of the City, the City’s obligations thereunder. <br />ADOPTED this 27th day of February, 2018 by the New Brighton City Council with a vote of _____ ayes <br />and _____ nays. <br /> <br /> <br /> <br /> Valerie Johnson, Mayor <br /> <br /> <br /> <br />ATTEST: <br /> <br /> <br /> <br /> Dean R. Lotter, City Manager <br /> <br />Terri Spangrud, City Clerk <br />