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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE, MINNESOTA HELD: February 9, 2004 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Roseville, Ramsey County, Minnesota, was duly held at the City Hall on February 9, 2004, at 6:00 o'clock P.M. for the purpose in part of authorizing the competitive negotiated sale of the $1,760,000 General Obligation Improvement Refunding Bonds, Series 2004A. The following members were present: Ihlan, Schroeder, Maschka, Kough and Klausing, and the following were absent: none. Member Maschka introduced the following resolution and moved its adoption: Resolution No. 10199 RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $1,760,000 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2004A A. WHEREAS, the City Council of the City of Roseville, Minnesota (the "City"), has heretofore determined that it is necessary and expedient to issue $1,760,000 General Obligation Improvement Refunding Bonds, Series 2004A (the "Bonds") to refund the City's outstanding $2,750,000 original principal amount of General Obligation Improvement Bonds, Series 23, dated March 21, 1997, which mature on and after March 1,2005; and B. WHEREAS, the City has retained Springsted Incorporated, in Saint Paul, Minnesota ("Springsted"), as its independent financial advisor and is therefore authorized to sell these obligations by a competitive negotiated sale in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City ofRoseville, Minnesota, as follows: 1. Authorization. The City Council hereby authorizes Springsted to solicit proposals for the competitive negotiated sale of the Bonds. 2. Meeting: Proposal Opening. This City Council shall meet at the time and place specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering sealed proposals for, and awarding the sale of, the Bonds. The Finanèe Director or designee, shall open proposals at the time and place specified in such Terms of Proposal. 3. Terms of Proposal. The terms and conditions of the Bonds and the negotiation thereof are fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and hereby approved and made a part hereof.