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The Council then proceeded to consider and discuss the ro osals after which Member P P Roe introduced the following resolution and moved its adoption: Resolution 10651 RESOLUTION ACCEPTING PROPOSAL ON THE COMPETITIVE NEGOTIATED SALE OF $2,550,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2008A, PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the City Council of the City of Roseville, Minnesota (the "City"), has heretofore determined and declared that it is necessary and expedient to issue $2,550,000 General Obligation Equipment Certificates of Indebtedness, Series 2008A of the City (the "Certificates" or, individually, a "Certificate"}, pursuant to Minnesota Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to finance the acquisition of capital equipment for the City (the "Project"}; and B. WHEREAS, each item of equipment to be financed by the Certificates has an expected useful life at least as long as the term of the Certificates; and C. WHEREAS, the principal amount of the Certificates does not exceed one-quarter of one percent (0.25%} of the market value of the taxable property in the City ($4,522,375,200 times 0.25% is $1 I,305,938); and D. WHEREAS, it is in the best interests of the City that the Certificates be issued in book-entry form as hereinafter provided; and 4 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of Stifel Nicolaus & Company, Incorporated, located in Minneapolis, Minnesota (the "Purchaser"), to purchase the Certificates in accordance with the Terms of Proposal, at the rates of interest hereinafter set forth, and to pay therefor the sum of $2,564,738.25, plus accrued interest to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to said proposal maker. The City Manager is directed to retain the deposit of said proposal maker and to forthwith return to the unsuccessful bidders their good faith checks and drafts. 2. Certificate Terms. (a) Original Issue Date: Denominations• Maturities. The Certificates shall be dated September 15, 2008, as the date of original issue, shall be issued forthwith on or after such date in fully registered form, shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations") and shall mature on March 1 in the years and amounts as follows: • 2 2214122v1