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<br />The Council then proceeded to consider and discuss <br />the bids, after which member Matson introduced <br />the following resolution and moved its adoption: <br />RESOLUTION 8268 <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$4,500,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 14, <br />PROVIDING FOR THEIR ISSUANCE AND LEVYING <br />A TAX FOR THE PAYMENT THEREOF <br /> <br />WHEREAS, the City Council of the City of Roseville, <br />Minnesota (the "City"), has heretofore determined and declared <br />that it is necessary and expedient to issue $4,500,000 General <br />Obligation Improvement Bonds, Series 14, of the City, pursuant <br />to Minnesota Statutes, Chapters 429 and 475, to finance the <br />construction of various improvements in the City (the <br />"Improvements"); and <br /> <br />WHEREAS, the City has determined that significant <br />savings in transaction costs will result from issuing bonds in <br />"global book-entry form", by which the bonds are issued in <br />certificated form in large denominations, registered on the <br />books of the City in the name of a depository or its nominee, <br />and held in safekeeping and immobilized by such depository, <br />and such depository, as part of the computerized national <br />securities clearance and settlement system (the "National <br />System"), registers transfers of ownership interests in the <br />bonds by making computerized book entries on its own books and <br />distributes payments on the bonds to its Participants shown on <br />its books as the owners of such interests; and such <br />Participants and other banks, brokers and dealers <br />participating in the National System will do likewise if not <br />the beneficial owners of the bonds; and <br /> <br />WHEREAS, "Participants" mean those financial <br />institutions for whom the Depository effects book-entry <br />transfers and pledges of securities deposited and immobilized <br />with the Depository; and <br /> <br />WHEREAS, Midwest Securities Trust Company, a limited <br />purpose trust company organized under the laws of the State of <br />Illinois, or any of its successors or successors to its <br />functions hereunder (the "Depository"), will act as such <br />depository with respect to the Bonds except as set forth <br />below, and there is before this City a form of letter <br />agreement (the "Depository Letter Agreement") setting forth <br />various matters relating to the Depository and its role with <br />respect to the Bonds; and <br /> <br />2 <br />