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<br />The Council then proceeded to consider and discuss the <br />bids, after which member Mastel introduced the following <br />resolution and moved its adoption: <br /> <br />RESOLUTION: 9627 <br /> <br />RESOLUTION ACCEPTING BID ON <br />SALE OF $2,500,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 25, PROVIDING <br />FOR THEIR ISSUANCE, AND PLEDGING FOR THE <br />SECURITY THEREOF SPECIAL ASSESSMENTS, AND <br />LEVYING A TAX FOR THE PAYMENT THEREOF <br /> <br />A. WHEREAS, the City Council of the City has heretofore <br />determined and declared that it is necessary and expedient <br />to issue $2,500,000 General Obligation Improvement Bonds, <br />Series 25 (the "Bonds") of the City, pursuant to Minnesota <br />Statutes, Chapters 429 and 475, to finance the construction <br />of various improvements within the City (the <br />"Improvements"); and <br /> <br />B. WHEREAS, the Improvements and all their components have <br />been ordered prior to the date hereof, after a hearing <br />thereon for which notice was given describing the <br />Improvements or all their components by general nature, <br />estimated cost, and area to be assessed; and <br /> <br />C. WHEREAS, it is in the best interests of the City that <br />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 Norwest Investment <br />Services (the "Purchaser"), to purchase the Bonds of <br />the City (or individually, a "Bond"), in accordance <br />with the Official Terms of Bond Sale, at the rates of <br />interest hereinafter set forth, and to pay therefor the <br />sum of $2,477,563.35, plus interest accrued to <br />settlement, is hereby found, determined and declared to <br />be the most favorable bid received and is hereby <br />accepted and the Bonds are hereby awarded to said <br />bidder. The City Manager is directed to retain the <br />deposit of said bidder and to forthwith return to the <br />unsuccessful 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 <br />Obligation Improvement Bonds, Series 25", shall be <br />dated February 16, 1999, as the date of original <br />issue and shall be issued forthwith on or after <br /> <br />1006009.1 2 <br />