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<br />The Council then proceeded to consider and discuss the <br />bids, after which member Maschka introduced the following <br />resolution and moved its adoption: <br /> <br />RESOLUTION 8744 <br />ACCEPTING BID ON SALE OF <br />$2,200,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 18, <br />PROVIDING FOR THEIR ISSUANCE, AND <br />LEVYING A TAX FOR THE PAYMENT THEREOF <br /> <br />A. WHEREAS, the Manager has presented affidavits <br />showing publication of notice of the sale of $2,200,000 General <br />Obligation Improvement Bonds, Series 18 (the "Bonds") of the City <br />of Roseville, Minnesota (the "City"), for which bids were to be <br />considered at this meeting in accordance with a resolution <br />adopted by this Council on December 9, 1991; and the affidavits <br />have been examined, have been found to comply with the provisions <br />of Minnesota Statutes, Chapter 475, and have been approved and <br />ordered placed on file; and <br /> <br />B. WHEREAS, the bids set forth on Exhibit A attached <br />hereto were received pursuant to the Official Notice of Sale by <br />the Manager at the City Hall at 12:00 Noon, Central Time, this <br />same day; and <br /> <br />C. WHEREAS, the City Council of the City has <br />heretofore determined and declared that it is necessary and <br />expedient to issue the Bonds, pursuant to Minnesota Statutes, <br />Chapters 429 and 475, to finance the construction of various <br />improvements in the City (the "Improvements" or "Project"); and <br /> <br />D. WHEREAS, the Project and all its components have <br />been ordered prior to the date hereof, after a hearing thereon <br />for which notice was given describing the Project or all its <br />components by general nature, estimated cost, and area to be <br />assessed; and <br /> <br />E. WHEREAS, the City has heretofore issued registered <br />obligations in certificated form, and incurs substantial costs <br />associated with their printing and issuance, and substantial <br />continuing transaction costs relating to their paYment, transfer <br />and exchange; and <br /> <br />F. WHEREAS, the City has determined that significant <br />savings in transaction costs will result from issuing bonds in <br />"global book-entry form", by which bonds are issued in <br />certificated form in large denominations, registered on the books <br /> <br />26250 <br /> <br />2 <br />