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<br />Increment Project are hereinafter referred to collectively as the <br />"project"¡ and <br /> <br />B. WHEREAS, $14,780,000 of the principal amount of the <br />Prior Bonds which mature on or after February 1, 1999, are <br />callable on February 1, 1998, and on any interest payment date <br />thereafter, at a price of par plus accrued interest, as provided <br />in the resolution of the City Council, dated January 27, 1992, <br />authorizing the issuance of the Prior Bonds (the "Prior <br />Resolution") ¡ and <br /> <br />C. WHEREAS, the refunding of the Refunded Bonds, is <br />consistent with covenants made with the holders thereof, and is <br />necessary and desirable for the reduction of debt service cost to <br />the City¡ and <br /> <br />D. WHEREAS, the City Council has heretofore determined <br />and declared that it is necessary and expedient to issue <br />$13,280,000 General Obligation Tax Increment Refunding Bonds, <br />Series 1998 (the "Bonds") of the City, pursuant to Minnesota <br />Statutes, Chapter 475, to provide moneys for an advance refunding <br />of the Refunded Bonds¡ and <br /> <br />E. WHEREAS, it is in the best interests of the City <br />that the Bonds be issued in book-entry form as hereinafter <br />provided¡ and <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Roseville, Minnesota, as follows: <br /> <br />1. Acceptance of Bid. The bid of Cronin & Co., Inc. <br />(the "Purchaser"), to purchase the Bonds of the City (or the <br />"Refunding Bonds", or individually a "Bond"), in accordance with <br />the Official Terms of Bond Sale, at the rates of interest <br />hereinafter set forth, and to pay therefor the sum of <br />$13,207,639.60 plus interest accrued to settlement, is hereby <br />found, determined and declared to be the most favorable bid <br />received and is hereby accepted and the Bonds are hereby awarded <br />to said bidder. The City Manager is directed to retain the <br />deposit of said bidder and to forthwith return to the unsuccess- <br />ful bidders their good faith checks or drafts. <br /> <br />2. Bond Terms. <br /> <br />(a) Title: Original Issue Date: Denominations; <br />Maturities. The Bonds shall be titled "General Obligation Tax <br />Increment Refunding Bonds, Series 199B", shall be dated March 15, <br />1998, as the date of original issue and shall be issued forthwith <br />on or after such date as fully registered bonds. The Bonds shall <br />be numbered from R-l upward in the denomination of $5,000 each or <br /> <br />906107.01 <br /> <br />3 <br />