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The Council then proceeded to consider and discuss the bids, after which member introduced the following resolution and Moved its adoption: RESOLUTION: RESOLUTION ACCEPTING BID ON SALE OF $13, 280, 000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1998, PROVIDING FOR THEIR ISSUANCE, AND PLEDGING FCR THE SECURITY THEREOF TAX INCREMENTS A. WHEREAS, the City of Roseville, Minnesota (the has heretofore determined and declared that it is necessary and expedient to provide moneys, together with other available funds, to refund in advance of maturity the currently outstanding General Obligation Tax Increment Refunding Bonds, Series 19921 dated February 1, 1992 (the "Prior Bonds" ) , which mature in 1999, and thereafter in the principal amount of 14, 780, 0 0 0 (the "Refunded Bonds") . The Friar Bonds were issued for the purpose of providing moneys for a crossover refunding of the City' s (i) General Obligation Bonds of 1985, consisting of General Obligation State Aid Highway Bonds (the "Prior State-Aid Highway Bonds ) and General Obligation Tax Increment Bonds, Series 1 (the "Prior Series 1 Tax Increment Bonds") , dated December 1, 1985; and (ii) General Obligation Tax Increment Bonds, Series 2 (the "Prior Series 2 Tax Increment Bonds") , dated December 1, 1985, which mature in 1995, and thereafter. The Prior Series 1 Tax Increment Bonds and the Prior Series 2 Tax Increment Bands are hereinafter referred to collectively as the "Prior Tax Increment Bonds" . The Prior State-Aid Highway Bonds were issued for the purpose of providing money to finance right- of-way acquisition, bridge and street construction in connection with a state aid street pro4ect in the City (the "State-Aid Highway Project") The Prior Tax Increment Bonds were issued to finance land acquisition and certain capital and administration costs within Development District No. 1 (the "District") (the Tax Increment Project") in the City as set forth in the tax increment financing plans adopted December 16, 1985 adapted for Tax Increment Financing Districts No. 1, 21 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 istricts No. 1, 2, and 4 and has established Tax g h 1� {the "Tax Increment Financing Districts No. S through 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 906907.01 2