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The council then proceeded to consider and discuss the bids, after which member Cushman introduced the following resolution and moved its adoption: RESOLUTION 8745 ACCEPTING BID ON SALE OF $20,035,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1992, PROVIDING FOR THEIR ISSUANCE, AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the Manager has presented affidavits showing publication of notice of the sale of $20,035,000 General Obligation Tax Increment Refunding Bonds, Series 1992 (the "Bonds") of the City of Roseville, Minnesota (the "City"), for which bids were to be considered at this meeting in accordance with a resolution adopted by this Council on December 9, 1991; and the affidavits have been examined, have been found to comply with the provisions of Minnesota Statutes, Chapter 475, and have been approved and ordered placed on file; and B. WHEREAS, the bids set forth on Exhibit A attached hereto were received pursuant to the Official Notice of Sale by the Manager at the City Hall at 12:00 Noon, Central Time, this same day; and C. WHEREAS, the City Council of the City has heretofore determined and declared that it is necessary and expedient to provide moneys for a crossover refunding of the City's (i) General Obligation Bonds of 1985, consisting of General Obligation State Aid Highway Bonds (the "Prior State-Aid Highway Bonds") and General Obligation Tax Increment Bonds, Series 1 (the "Prior Series 1 Tax Increment Bonds"), dated December 1, 1985; and (ii) General Obligation Tax Increment Bonds, Series 2 (the "Prior Series 2 Tax Increment Bonds"), dated December 1, 1985, which mature in 1995, and thereafter. The Prior Series 1 Tax Increment Bonds and the Prior Series 2 Tax Increment Bonds are hereinafter referred to collectively as the "Prior Tax Increment Bonds". The Prior State-Aid Highway Bonds and the Prior Tax Increment Bonds are hereinafter collectively referred to as the "Prior Bonds". The Prior State-Aid Highway Bonds were issued for the purpose of providing money to finance right-of-way acquisition, bridge and street construction in connection with a state-aid street project in the City (the "State-Aid Highway Project"). The Prior Tax Increment Bonds were issued to finance land acquisition and certain capital and administration costs within Development District No. 1 (the "District") (the "Tax Increment Project") in the City as set 26957 2