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<br />EXTRACT OF MINUTES OF MEETING <br />OF THE <br />CITY COUNCIL OF THE CITY OF ROSEVILLE <br /> <br />* * * * * * * * * * * * * * * * * <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Roseville, County of Ramsey, Minnesota was duly held on the 26th day of November, 2001, at <br />6:30 p.m. <br /> <br />The following members were present: Maschka, Mastel, Goedeke, Klausing and Kysylyczyn, <br />and the following were absent: none. <br /> <br />Member Maschka introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION 9957 <br />PROVIDING FOR AN <br />INTERFUND LOAN TO REFUND <br />THE CENTRE POINT PROJECT TIF BONDS <br /> <br />WHEREAS, it is necessary and desirable to defease the outstanding bonds of the 34.7% <br />portion of the City's $13,280,000 General Obligation Tax Increment Refunding Bonds, Series <br />1998, whose proceeds refunded, among others, an issue whose proceeds financed the acquisition <br />of certain "Redevelopment Property" pursuant to a certain "Prior Development Agreement', each <br />as defined in that certain Amended and Restated Development Agreement between the City of <br />Roseville, Minnesota, and Ryan Twin Lakes Limited Partnership (Centre Point Project), dated as <br />of May 21, 1997 (the "Development Agreement") (which 34.7% portion is herein the "Bonds"); <br />and <br /> <br />WHEREAS, the source of moneys for the defeasance of the Bonds is an inter fund loan <br />(the "Interfund Loan") oft ax increments of tax increment districts other than Tax Increment <br />Financing Districts Nos. 1-14 and 16 (which Nos. 1-14 and 16 are the "TIF Districts") whose tax <br />increments are pledged to the payment of the Bonds; and <br /> <br />WHEREAS, the defeasance of the Bonds with moneys made available through the <br />Interfund Loan is not intended to be a payment of the Bonds, but rather a refunding of the Bonds <br />that will constitute the Interfund Loan as the Bonds as defined in the Development Agreement, <br />as "bonds or other obligations issued to refund [the Bonds]"; and <br /> <br />WHEREAS, for purposes of the Tax Increment Act (as defined in the Development <br />Agreement) interfund loans are defined as "bonds", and must be approved by resolution before <br />money is transferred, advanced, or spent, and the terms and conditions for repayment of the <br />interfund loan must be provided in writing and include, at a minimum, the principal amount, the <br />interest rate, and maximum term; and <br /> <br />1 <br />