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EXTRACT OF MINUTES OF A MEETING
<br /> OF THE CITY COUNCIL OF THE
<br /> CITY OF ROSEVILLE, MINNESOTA
<br /> HELD: DECEMBER 12, 2011
<br /> Pursuant to due call and notice thereof, a regular or special meeting of the City Council
<br /> of the City of Roseville, Ramsey County, Minnesota, was duly held at the City Hall on
<br /> December 12, 2011, at 6:00 P.M., for the purpose, in part, of authorizing the issuance and
<br /> awarding the sale of$10,000,000 General Obligation Bonds, Series 2011A.
<br /> The following members were present: Johnson, Willmus, McGehee, Pust and Roe
<br /> and the following were absent: none.
<br /> In accordance with the resolution adopted by the City Council on November 21, 2011,
<br /> the City Manager presented proposals on$10,000,000 General Obligation Bonds, Series 2011A,
<br /> which were received and tabulated at the offices of Springsted Incorporated, in St. Paul,
<br /> Minnesota("Springsted") on this same day:
<br /> Bidder Interest Rate True Interest Cost
<br /> See attached
<br /> The Council then proceeded to consider and discuss the proposals, after which Member
<br /> Johnson introduced the following resolution and moved its adoption:
<br /> RESOLUTION No. 10957
<br /> RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $10,000,000 GENERAL
<br /> OBLIGATION BONDS, SERIES 2011A AND
<br /> LEVYING A TAX FOR THE PAYMENT THEREOF
<br /> A. WHEREAS, the City Council of the City of Roseville, Minnesota(the "City")
<br /> exercising its powers as a port authority pursuant to the Laws of Minnesota 1987, Chapter 257,
<br /> Section 3, has heretofore established Redevelopment Project Area and Industrial Development
<br /> District No. 1 (the "Project Area")pursuant to the provisions of Minnesota Statutes, Sections
<br /> 469.001 through 469.047 and 469.058; and
<br /> B. WHEREAS, the City, exercising its port authority powers, hereby determines and
<br /> declares that it is necessary and expedient to issue $10,000,000 General Obligation Bonds, Series
<br /> 2011A (the "Bonds" or individually, a "Bond"),pursuant to Minnesota Statutes, Section 469.060
<br /> and Chapter 475 to finance public safety facilities and park system improvements within the
<br /> Project Area(the "Project"); and
<br /> C. WHEREAS, the City has, by its Ordinance No. 1419, adopted October 24, 2011,
<br /> agreed to pledge its full faith and credit towards the payment of the bonds to be issued pursuant
<br /> to this resolution, as required under the provisions of Minnesota Statutes, Section 469.060; and
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