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Increment Pro]ect are hereinafter referred to collectively as the <br /> "Project" ; and <br /> B. WHEREAS, $14, 780, 000 of the principal amount of the <br /> Prior Bonds which mature on or after February 1, 1999, are <br /> callable on February 1, 1998, and on any interest payment date <br /> thereafter, at a price of par plus accrued interest, as provided <br /> in the resolution of the City Council, dated January 27, 1992, <br /> authorizing the issuance of the Prior Bonds (the "Prior <br /> Resolution" ) ; and <br /> C. WHEREAS, the refunding of the Refunded Bonds, is <br /> consistent Frith. covenant d rude with the holders thereof, and is <br /> necessary and desirable for the reduction of debt service cost to <br /> the City; and <br /> D. WHEREAS, the City Council has heretofore determined <br /> and declared that it is necessary and expedient to issue <br /> $13, 280, 000 General obligation Tax Increment Refunding Bonds, <br /> Series 1998 (the "Bonds" ) of the City, pursuant to Minnesota <br /> Statutes, Chapter 475, to provide moneys for an advance refunding <br /> of the Refunded Bonds; and <br /> E . WHEREAS, it is in the hest interests of the City <br /> that the Bands be issued in book-entry form as hereinafter <br /> provided; and <br /> HOW, THEREFORE, BE IT RESOLVED by the Council of the <br /> City of Roseville, Minnesota, as follows : <br /> 1 . Acceptance of Bid. The bid of <br /> (the "Purchaser") , to purchase the <br /> Bonds of the City (or the "Re funding Bonds" , or individually a <br /> "Bond" ) , in accordance with the official Terns of Bond Sale, at <br /> the rates of interest hereinafter set forth, and to pay therefor <br /> the sum of , plus interest accrued to settlement, <br /> is hereby found, determined and declared to be the most favorable <br /> bid received and is hereby accepted and the Bonds are hereby <br /> awarded to said bidder. The City Manager is directed to retain <br /> the deposit of said bidder and to forthwith return to the <br /> unsuccessful bidders their good faith checks or drafts . <br /> 2 . Bond Terms . <br /> (a) Ti le; original Issue Date; Denominations;„ <br /> Maturities. The Bonds shall be titled "General obligation Tax <br /> Increment Refunding Bonds, Series 199811 , shall be dated March 15 , <br /> 1995 as the date of original issue and shall be issued forthwith <br /> on or after such date as fully registered bonds . The Bonds shall <br /> be numbered from R-1 upward in the denomination of $5 , 000 each or <br /> 906107.01 3 <br />