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EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ROSEVILLE <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, <br />County of Ramsey, Minnesota was duly held on the 23rd day of March, 2009 at 6:00 p.m. <br />The following members were present: Pust, Ihlan, Johnson, Roe and Klausing, <br />and the following were absent: none. <br />Member Pust introduced the following resolution and moved its adoption: <br />RESOLUTION 10698 <br />RESOLUTION DECLARING EVENT OF DEFAULT AND AUTHORIZING LEGAL COUNSEL TO <br />INITIATE LITIGATION <br />WHEREAS, on March 24, 1997, the City of Roseville entered into a contract ("Agreement") with Ryan <br />Companies; <br />WHEREAS, by the terms of that Agreement, the City of Roseville made certain loans to Ryan <br />Companies; <br />WHEREAS, by the terms of that Agreement, Ryan Companies was to repay any portion of those loans <br />that were outstanding on December 31, 2007; <br />WHEREAS, the City of Roseville has calculated that, as of December 31, 2007, Ryan Companies had <br />not repaid the outstanding amount of $93,574; <br />WHEREAS, since December 31, 2007, the City of Roseville and its legal counsel have made several <br />written requests to Ryan Companies for the outstanding $93,574; <br />WHEREAS, on July 16, 2008, legal counsel for the City of Roseville provided Ryan Companies with <br />written notice, pursuant to Section 8.2 of the Agreement, that Ryan Companies had ten (10) days in <br />which to repay the $93,754; and <br />WHEREAS, Ryan Companies has not yet repaid the $93,574. <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Roseville, Minnesota, as <br />follows: <br />1. The City hereby declares Ryan Companies to be in default of its contractual obligations under <br />the March 24, 1997 Agreement. <br />Page 1 of 3 <br />