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EXTRACT OF MINUTES OF A MEETING
<br />OF THE CITY COUNCIL
<br />CITY OF ROSEVILLE, MINNESOTA
<br />HELD: July 20, 2009
<br />Pursuant to due call, a regular or special meeting of the City Council of the City of
<br />Roseville, Ramsey County, Minnesota, was duly held at the City Hall on July 20, 2009, at 7:00
<br />P.M, for the purpose, in part, of considering proposals and awarding the competitive negotiated
<br />sale of $1,070,000 General Obligation Refunding Improvement Bonds, Series 2009B.
<br />The following members were present: Pust, Roe, Ihlan, Johnson and Klausing
<br />and the following were absent: none.
<br />The City Manager presented proposals on $1,070,000 General Obligation Refunding
<br />Improvement Bonds, Series 2009B, for which proposals were received, opened and tabulated by
<br />the City Manager, or designee, this same day, in accordance with the resolution adopted by the
<br />City Council on June 8, 2009.
<br />The following proposals were received, opened and tabulated at 10:30 A.M., central time,
<br />at the offices of Springsted Incorporated, in the presence of the City Manager, or designee, on
<br />this same day:
<br />Bidder Interest Rate True Interest Cost
<br />See Attached Exhibit A
<br />The Council then proceeded to consider and discuss the proposals, after which Member
<br />Klausing introduced the following resolution and moved its adoption:
<br />RESOLUTION NO. 10737
<br />RESOLUTION ACCEPTING PROPOSAL ON THE COMPETITIVE NEGOTIATED SALE
<br />OF $1,070,000 GENERAL OBLIGATION REFUNDING IMPROVEMENT BONDS, SERIES
<br />2009B, PROVIDING FOR THEIR ISSUANCE AND PLEDGING FOR THE SECURITY
<br />THEREOF SPECIAL ASSESSMENTS AND LEVYING A TAX FOR THE PAYMENT
<br />THEREOF
<br />A. WHEREAS, the City of Roseville, Minnesota (the "City"), hereby determines and
<br />declares that it is necessary and expedient to provide moneys for a current refunding on October
<br />1, 2009 (the "Call Date") the City's outstanding $2,500,000 original principal amount of General
<br />Obligation Improvement Bonds, Series 25, dated February 16, 1999 (the "Prior Bonds", which
<br />mature on and after March 1, 2010, in the aggregate principal amount of $1,045,000 (the
<br />"Refunded Bonds"), at a price of par plus accrued interest, as provided in the Resolution of the
<br />City Council, adopted on January 25, 1999 (the "Prior Resolution"); and
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