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CITY OF ROSEVILLE <br /> ORDINANCE NO. 1419 <br /> AN ORDINANCE AUTHORIZING THE CITY OF ROSEVILLE TO ISSUE GENERAL <br /> OBLIGATION BONDS IN THE EXERCISE OF THE <br /> CITY'S PORT AUTHORITY POWERS <br /> THE CITY OF ROSEVILLE ORDAINS: <br /> Section 1. Recitals. <br /> (a) Pursuant to Minnesota Statutes, Section 469.082, the City of Roseville, <br /> Minnesota(the "City")may exercise all of the powers of a port authority provided by <br /> Minnesota Statutes, Sections 469.048 to 469.068; and <br /> (b) the City proposes to undertake a redevelopment project consisting of <br /> redeveloping its park system and constructing a new fire station because of water <br /> infiltration and mold problems at an existing fire station located at Woodland and <br /> Lexington(the "Project") in the exercise of its legal powers and in furtherance of its goals <br /> and purposes, and requires financing for the Project; and <br /> (c) the City believes that it is desirable and necessary it issue general <br /> obligation bonds to provide funds to finance the Project. <br /> Section 2. Bonding Authorization. Pursuant to and in accordance with the provisions <br /> of this Ordinance and the provisions of Minnesota Statutes, Sections 469.060 and 469.082 and <br /> Chapter 475, the issuance of general obligation bonds by the City, in one or more series, in fully <br /> registered form, and in the aggregate principal amount not to exceed $27,000,000 (the "Bonds"), <br /> for the purpose of providing funds to assist in financing the Project,together with such costs of <br /> issuance and related costs as may be incidental to the issuance of the Bonds is hereby authorized <br /> and found to be proper. The Bonds shall be issued and sold by the City in the exercise of its port <br /> authority powers for the purpose of financing the Project. The City Council hereby gives <br /> specific consent to the pledge of the City's full faith, credit, and resources to the payment and <br /> security of the Bonds and authorizes the levy of taxes for the payment of the Bonds. The <br /> issuance of the Bonds shall be further subject to the consent and approval of the City Council by <br /> resolution as to the form, content, and specific details of the Bonds and their rate or rates of <br /> interest. <br /> Section 3. Effective Date. The effective date of this Ordinance shall take effect and <br /> be in force following its publication in the official newspaper of the City. <br /> 4326505v1 <br />