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(a) the following assessable public improvements (the Improvements) have been made, duly ordered or contracts let for the construction thereof, by the City pursuant to the provisions of Minnesota Statutes, Chapter 429 (Act); Proiect Designation & Description Total Proiect Costs 1995 Street Improvements Construction Capitalized Interest, administrative & engineering $2,643,856 54,894 TOTAL 10.000 $2,708,750 41.250 $2,750,000 Costs of Issuance Subtotal Discount (b) it is necessary and expedient to the sound financial management of the affairs of the City to issue $2,750,000 General Obligation Improvement Bonds, Series 23 (Bonds) pursuant to the Act to provide financing for the Improvements. 2. To provide financing for the Improvements, the City will issue and sell Bonds in the amount of $2,708,750. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $41,250. The excess of the purchase price of the Bonds over the sum of $2,708,750 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will be issued, sold and delivered in accordance with the tenns of the following Official Tenns of Offering: OFFICIAL TERMS OF OFFERING $2,750,000 General Obligation Improvement Bonds, Series 23 City of Roseville Ramsey County, Minnesota (Global Book Entry System) Sealed bids for the Bonds will be opened by the City Manager or designee on Monday, March 10, 1997, at 12:00 Noon, Central Time, at the City Hall, 2660 Civic Center Drive, Roseville, Minnesota. Consideration for award of the Bonds will be by the City Council at a meeting held at 6:30 o'clock P.M. on the same day. DJK116619 RS200-19