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WHEREAS, tax increments from the nF Districts are used in a flow of funds set forth in Section 3.6 of the Development Agreement, the first use of which is debt service on the Bonds, and debt service on the Interfund Loan is least disruptive of the uses of such tax increments if debt service on the Interfund Loan is exactly identical to debt service on the Bonds: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota, as follows: 1. Defeasance. The Bonds shall be defeased by a deposit of $2,914,800 invested in such a fashion as to permit payment of debt service on the Bonds after March 1, 2002, through March 1,2004, and early redemption of the remaining Bonds on March 1,2004. 2. Interfund Loan and Interfund Loan Note. The source of such defeasance deposit shall be the Interfund Loan of moneys in the Pooled Tax Increment Fund. The Interfund Loan shall be evidenced by the Interfund Loan Note set forth as Exhibit A hereto and hereby made a part hereof, titled "$2,791,615 Tax Increment Interfund Loan Note of2001 ". Proceeds of the Interfund Loan Note shall refund the Bonds. The Interfund Loan and Interfund Loan Note shall be repaid solely from the increments of the TIF Districts, which shall be applied to the Interfund Loan Note as a refunding ofthe Bonds in the priority set forth in Section 3.6(B)(1) of the Development Agreement. The Interfund Loan Note shall be in the principal amount of $2,791,615, shall have payments equal to the payments on the Bonds had they remained outstanding to maturity (which payments shall be set forth on a schedule attached to the Interfund Loan Note), shall mature in the installments and at the times set forth in the schedule, and shall bear interest at the rates for the periods necessary to cause the interest set forth on the schedule to equal the interest payable on the Interfund Loan Note. 3. Payments. Payments received on the Interfund Loan Note shall be deposited in the Pooled Tax Increment Fund. The motion for the adoption of the foregoing resolution was duly seconded by Member Goedeke, and upon a vote being taken thereon, the following voted in favor thereof: Maschka, Mastel, Goedeke, Klausing and Kysylyczyn, and the following voted against the same: none. WHEREUPON said resolution was declared duly passed and adopted. 2