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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE * * * * * * * * * * * Pursuant to due call and notice thereof, a special meeting of the City Council of the city of Roseville, County of Ramsey, Minnesota was duly held on the 22nd day of February, 1989, at 7:30 p.m. The following members were present: Kehr, Matson, Cushman, and Rag, and the following were absent: Johnson. Member Matson introduced the following resolution and moved its adoption: RESOLUTION NO. 8417 RESOLUTION ACCEPTING BID ON SALE OF $3,500,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 15, PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF WHEREAS, the Acting City Manager has advised the council that the bid of Prudential-Bache Capital Funding was found to be the most advanta- geous, and has recommended that said bid be accepted; and WHEREAS, the City Council of the City of Roseville, Minnesota (the "city"), has heretofore determined and declared that it is necessary and expedient to issue $3,500,000 General Obligation Improvement Bonds, Series 15, of the City pursuant to Minnesota Statutes, Chapters 429 and 475, to finance the construction of various improvements in the City (the "improvements"); and WHEREAS, the City has heretofore issued registered obligations in certified form and incurs substantial costs associated with their printing and issuance, and substantial continuing transaction costs relating to their payment, transfer and exchange; and WHEREAS, the City has determined that significant savings in transaction costs will result from issuing bonds in "global book entry form", by which bonds are issued in certificated form in large denominations, registered on the books of the city in the name of a depository or its nominee, and held in safekeeping and immobilized by such depository, and such depository as part of the computerized National Securities Clearance and Settlement System (the "National system") registers transfers of ownership interests in the bonds by making computerized book entries on its own books and distributes payments on the bonds to its Participants shown on its books as the owners of such interests; and such Participants and other banks, brokers, and dealers participating in the National System will do likewise (not as agents of the City) if not the beneficial owners of the bonds; and WHEREAS, "Participants" means those financial institutions for whom the Depository effects book-entry transfers and pledges of securities deposited and immobilized with the Depository; and