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EXTRACT OF MINUTES OF MEETING <br />OF THE <br />CITY COUNCIL OF THE CITY OF ROSEVILLE <br />� �r x• a ,� k �r �r a a � � � �r � � � <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 26th day of November, 2001, at <br />6:30 p.m. <br />The following �.�e�z�bers were present: Maschka, Mastel, Goedeke, K1aL�sing and Kysylyczyn, <br />and the following were absent: none. <br />Member Mascl�lca introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 9956 <br />RESOLUTION APPROVING DEFEASANCE PROGRAM FOR <br />CERTAIN GENERAL OBLIGATION BONDS OF THE CITY <br />A. WHEREAS, the City of Roseville, Minnesota (the "City"), has duly issued and <br />presently has outstanding $9,860,000 of its General Obligation Tax Increment Refunding Bonds, <br />Series 1998 dated March 15, 1998 (i�e "Outstanding Bonds"), ($8,045,000 in principal amount <br />of the Outstanding Bonds maturing in the years 2003 to 2006 are hereinafter referred to as the <br />"Refunded Bonds"), and has substantial asset balances in the debt service account or debt service <br />fund, as the case may be, for said Refunded Bonds; and <br />B. WHEREAS, it appears that by (i) the purchase of government securities which <br />are general obligations of the United States or agencies thereof in an amount sufficient so that the <br />receipts of principal and interest thereon will be adequate to pay all principal and interest on the <br />Refunded Bonds as such becomes due and (ii) t��e deposit of such government obligations, <br />together with any required beginning cash balance, with an independent escrow agent,l:l�e <br />security of tlae holders of the Refunded Bonds will be enhanced, and the remaining asset <br />balances in the debt service account or debt service fund, as the case n�a� be, will be available <br />for any authorized expenditure of the City: <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Roseville, Minnesota, as follows: <br />1_ .'� f�TMr�a����l i� f I'r'aw_r�'stm; �1 u�l��i r��� t�� Pu rchas �� L'C�I I'] [ I k�s . TI =� �c; �:I.SfI f1C L' <br />�iC?�Ci3'_11 I�I ��?i1J k;4� �1�` t�i� �� � �1` f' I Ililll£ �' �.� � L 1;4'tl.'L�. L�Y� cl'= t�1� i1�1�'•J t�'�'�C� . � � I:; �.:11 �'��Yf:iSt,tT I 5 <br />authorized to proceed, at such time as he deems appropriate, with the purchase of tl�e securiii�s <br />necessary for the program. <br />�.� <br />� ��� �� �� � � <br />