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EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ROSEVILLE <br />ly � � : � � '� 52 Z' S' Y <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Roseville, County of Ramsey, Minnesota was duly held on the I lth day of April 2005 at 6:0(� <br />p.m. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION <br />RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE <br />ECONOMIC INCREMENTS CONSTRUCTION FUND TO THE TAX INCREMENT <br />FINANCING (TIF) BOND FUND, AND CLOSING THE TIF BOND FUND <br />WHEREAS, the City has taken previous action to retire all outstanding tax increment financing <br />(TIF) debt; and <br />WHEREAS, the Council has previously determined it appropriate to transfer excess monies from <br />its Economic Increments Construction Fund to the TIF Bond Fund to provide for the debt <br />retirement; and <br />WHEREAS, the Council desires to make the final general ledger entries to officially close the <br />TIF Bond Fund. <br />NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, <br />Minnesota, as follows: <br />1) The transfer of $2,21�4,311 from the Economic Increments ConstructionFund to the TIF <br />Bond Fund is hereby authorized. <br />2) The TIF Bond Fund, upon receiving the necessary funds to meet all outstanding <br />obligations, is hereby closed. <br />The motion for the adoption of the foregoing resolution was duly seconded by member and <br />upon a vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />WHEREUPON, said resolution was declared duly passed and adopted. <br />