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. . . RESOLUTION NO. 06-123 A RESOLUTION AWARDING THE SALE OF $11,951,940.29 GENERAL OBLIGATION TAXABLE TAX INCREMENT NOTES, SERIES 2006B; FIXING THEIR FORM AND SPECIFICA nONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of New Brighton, Ramsey County, Minnesota (the "City") as follows: Section 1. Background. 1.01. 1t is hereby determined that: (a) the City has duly established Development District No. 1 (the "District") pursuant to Minnesota Statutes, Sections 469.124 through 469.134 (the "Development District Act"); the City has duly established Tax Increment Financing District Nos. 31 and 32 (NWQ Special Law) (the "TIF Districts": within the District and within the area known as the "NW Quad", all pursuant to Mimlesota Statutes, Section 469.174 to 469.179 (the "TIF Act") and Minnesota Laws 1998, Ch. 389, Article 11, Section 24 (the "Special Law"); 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 (Costs) related to the District and the NW Quad as identified in the tax increment financing plan for the TIF Districts; (b) (c) (d) in connection with redevelopment of the NW Quad, the City will purchase certain property within the NW Quad and the District (the "Midwest Asphalt Property") pursuant to the terms of a Binding Mediated Settlement Agreement between the City, Walburn, Ltd. ("Walburn") and Midwest Asphalt Corporation ("MW A") dated September 27, 2005 (the "Binding Agreement"). Pursuant the Binding Agreement, the City agreed, as part of the consideration for purchase of the Midwest Asphalt Property, to issue the City's $11,951,940.29 General Obligation Taxable Tax Increment Revenue Notes, Series 2006B (the "Notes"). (e) 1.02. For the consideration described in the Binding Agreement, the City will forthwith issue and sell the Notes pursuant to the TIF Act and Minnesota Statues, Chapter 475, in the total principal amount of $11,951,940.29, originally dated December 15, 2006, in two notes, one in the denomination of $7,079,034.54 numbered R-l, and the other in the denomination of $4,872,905.75 numbered R-2, each bearing interest at the rate of 5.9522%, maturing on December 15, 2016, and payable in semi-annual installments of principal and interest as set forth in the form of the Notes shown in Section 3 hereof. The Note numbered R-l will be sold to 302227v3 8JB NE 136-1 63 2