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forth in the tax increment financing plans adopted December 16, 1985 adopted for Tax Increment Financing Districts No.1, 2, 3 and 4 created by the City within the District. Since December 16, 1985, the City has modified the Tax Increment Financing Plans for Tax Increment Financing Districts No.1, 2, 3 and 4 and has established Tax Increment Financing Districts No. 5 through 12 (the "Tax Increment Districts"). Tax increments derived from the Tax Increment Districts are referred to herein as the "Tax Increments", and the Tax Increment Financing Plans adopted and modified for the Tax Increment Districts are referred to herein as the "Plan". The State-Aid Highway Project and the Tax Increment Project are hereinafter referred to collectively as the "Projects"; and D. WHEREAS, $1,550,000 of the principal amount of the Prior State-Aid Highway Bonds; $12,005,000 of the principal amount of the Prior Series 1 Tax Increment Bonds; and $7,205,000 of the principal amount of the Prior Series 2 Tax Increment Bonds, which mature on or after February 1, 1995, and are callable on February 1, 1994, at a price of par plus accrued interest as provided in the respective resolutions of the City Council, dated December 17, 1985, authorizing the issuance of the Prior Bonds (the "Prior Resolutions"); and E. WHEREAS, the refunding of the callable Prior Bonds, is consistent with covenants made with the holders thereof, and is necessary and desirable for the reduction of debt service cost to the City; and F. WHEREAS, the city council has heretofore determined and declared that it is necessary and expedient to issue the Bonds of the City, pursuant to Minnesota Statutes, Chapter 475, to provide moneys for a crossover refunding of the callable Prior Bònds; and G. WHEREAS, the City has heretofore issued registered obligations in certificated form, and incurs substantial costs associated with their printing and issuance, and substantial continuing transaction costs relating to their paYment, transfer and exchange; and H. WHEREAS, the City has determined that significant savings in transaction costs will result from issuing bonds in "global book-entry form", by which bonds are issued in certificated form in large denominations, registered on the books of the City in the name of a depository or its nominee, and held in safekeeping and immobilized by such depository, and such depository as part of the computerized national securities clearance and settlement system (the "National system") registers 2695 7 3