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EXTRACT OF MINUTES OF A MEETING
<br /> OF THE CITY COUNCIL OF THE
<br /> CITY OF ROSEVILLE, MINNESOTA
<br /> HELD: OCTOBER 22, 2012
<br /> Pursuant to due call and notice thereof, a regular or special meeting of the City Council
<br /> of the City of Roseville, Ramsey County, Minnesota, was duly held at the City Hall on
<br /> October 22, 2012, at 6:00 P.M., for the purpose, in part, of authorizing the issuance and awarding
<br /> the sale of$15,685,000 General Obligation Bonds, Series 2012A.
<br /> The following members were present: Willmus, Johnson, Pust, McGehee, Roe
<br /> and the following were absent: None.
<br /> In accordance with the resolution adopted by the City Council on September 24, 2012,
<br /> the City Manager presented proposals on $15,685,000 General Obligation Bonds, Series 2012A
<br /> (the "Bonds"), which were received and tabulated at the offices of Springsted Incorporated, in St.
<br /> Paul, Minnesota("Springsted") on this same day. The Council then proceeded to consider and
<br /> discuss the proposals, after which Member Johnson introduced the following resolution and
<br /> moved its adoption:
<br /> RESOLUTION No. 11020
<br /> RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF$15,685,000
<br /> GENERAL OBLIGATION BONDS, SERIES 2012A AND
<br /> LEVYING A TAX FOR THE PAYMENT THEREOF
<br /> A. WHEREAS, the City Council of the City of Roseville, Minnesota(the "City")
<br /> exercising its powers as a port authority pursuant to the Laws of Minnesota 1987, Chapter 257,
<br /> Section 3,has heretofore established Redevelopment Project Area and Industrial Development
<br /> District No. 1 (the "Project Area")pursuant to the provisions of Minnesota Statutes, Sections
<br /> 469.001 through 469.047 and 469.058; and
<br /> B. WHEREAS, the City, exercising its port authority powers,hereby determines and
<br /> declares that it is necessary and expedient to issue $15,685,000 General Obligation Bonds, Series
<br /> 2012A (the "Bonds" or individually, a "Bond"),pursuant to Minnesota Statutes, Section 469.060
<br /> and Chapter 475 to finance the construction of park improvements within the Project Area(the
<br /> "Project"); and
<br /> C. WHEREAS, the City has,by its Ordinance No. 1419, adopted October 24, 2011,
<br /> agreed to pledge its full faith and credit towards the payment of the bonds to be issued pursuant
<br /> to this resolution, as required under the provisions of Minnesota Statutes, Section 469.060; and
<br /> D. WHEREAS, the City has retained Springsted Incorporated ("Springsted") as its
<br /> independent financial advisor for the sale of the Bonds and was therefore authorized to sell the
<br /> Bonds by private negotiation in accordance with Minnesota Statutes, Section 475.60,
<br /> Subdivision 2(9); and
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