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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF CENTERVILLE, MINNESOTA <br /> <br />HELD: March 23, 2005 <br /> <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />ofthe City of Centerville, Minnesota, was duly called and held at the City Hall on March 23, <br />2005, at o'clock P.M. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION CONCURRING IN THE ISSUANCE OF THE $2,365,000 GENERAL <br />OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2005A BY THE CITY <br />OF CIRCLE PINES, MINNESOTA, AND AUTHORIZING EXECUTION OF A <br />$ 827.750 GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BOND, <br />SERIES 2005A AND LEVYING A TAX FOR THE PAYMENT THEREOF <br /> <br />A. WHEREAS, the City of Centerville, Minnesota (the "City") is a member of the <br />Centennial Lakes Police Department, an organization formed with the City of Circle Pines, <br />Minnesota (the "Issuer") and the City of Lexington, Minnesota by the execution of a Joint <br />Powers Agreement; and <br /> <br />B. WHEREAS, on January 26, 2005, the City held a public hearing and adopted a <br />2005-2009 Capital Improvement Plan for the City (the "Plan") and on the proposed issuance of <br />general obligation capital improvement plan bonds in accordance with the provisions of <br />Minnesota Statutes, Section 475.52 I; the Plan provides, in part, for fmancing to construct a joint <br />police station for the Centennial Lakes Police Department (the "Project"); and; <br /> <br />C. WHEREAS, no petition signed by voters equal to five percent of the votes cast in <br />the City in the last general election requesting a vote on the issuance of the bonds has been filed <br />with the City Clerk within 30 days after thc public hearing; and <br /> <br />D. WHEREAS, the Issuer will issue its $2,365,000 General Obligation Capital <br />Improvement Plan Bonds, Series 2005A (the "Issuer Bonds") pursuant to a resolution adopted <br />March 22, 2005 (the "Issuer Bond Resolution") to finance both the Issuer's and the City of <br />Centerville's and Lexington's share of the cost of the Project; and <br /> <br />E. WHEREAS, in order to induce the Issuer to issue the Issuer Bonds to finance the <br />Project, it is proposed that the City will issue its General Obligation Capital Improvement Plan <br />Bond, Series 2005A in the amount of$ 827.750 (the "City Bond") to pay its share of the <br />debt service on the Issuer Bonds; and <br /> <br />1738630v2 <br /> <br />I <br />