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<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the
<br />City of Roseville, Minnesota, as follows:
<br />
<br />1. AcceDtance of Bid. The bid of Griffin, Kubik,
<br />Stephens & Thompson, Inc. (the "Purchaser") to purchase
<br />$2,200,000 General Obligation Improvement Bonds, Series 18 of the
<br />City (the "Bonds", or individually a "Bond"), in accordance with
<br />the Official Notice of Sale for the bond sale, at the rates of
<br />interest hereinafter set forth, and to pay therefor the sum of
<br />$2,178,000, plus interest accrued to settlement, is hereby found,
<br />determined and declared to be the most favorable bid received and
<br />is hereby accepted, and the Bonds are hereby awarded to said
<br />bidder. The Manager is directed to retain the deposit of the
<br />Purchaser and to forthwith return to the unsuccessful bidders
<br />their good faith checks or drafts.
<br />
<br />2. Title: Oriqinal Issue Date: Denominations:
<br />Maturities. The Bonds shall be titled "General Obligation
<br />Improvement Bonds, Series 18", shall be dated February 1, 1992,
<br />as the date of original issue and shall be issued forthwith on or
<br />after such date as fully registered bonds. The Bonds shall be
<br />numbered from R-1 upward. Global certificates shall each be in
<br />the denomination of the entire principal amount maturing on a
<br />single date, or, if a portion of said principal amount is
<br />prepaid, said principal amount less the prepayment. Replacement
<br />Bonds, if issued as provided in paragraph 6, shall be in the
<br />denomination of $5,000 each or in any integral multiple thereof
<br />of a single maturity. The Bonds shall mature on March 1 in the
<br />years and amounts as follows:
<br />
<br />Year Amount Year Amount
<br />1993 $100,000 2001 $150,000
<br />1994 105,000 2002 160,000
<br />1995 110,000 2003 165,000
<br />1996 115,000 2004 175,000
<br />1997 120,000 2005 190,000
<br />1998 125,000 2006 195,000
<br />1999 135,000 2007 215,000
<br />2000 140,000
<br />
<br />3. PurDose. The Bonds shall provide funds to finance
<br />the Improvements or Project. The total cost of the Improvements,
<br />which shall include all costs enumerated in Minnesota Statutes,
<br />Section 475.65, is estimated to be at least equal to the amount
<br />of the Bonds. Work on the Improvements shall proceed with due
<br />diligence to completion. The City covenants that it shall do all
<br />things and perform all acts required of it to assure that work on
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