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Extract of Minutes of Meeting <br />of the City Council of the City <br />of Centerville, Minnesota <br />Pursuant to due call and notice thereof, a meeting of the City Council of the City of Centerville, <br />Minnesota, was held at City Hall in the City on Wednesday, April 13, 2016, commencing at 6:30 P.M. <br />The following members of the Council were present: <br />and the following were absent: <br />>/10 .; <br />Gt/ vuvrccy <br />'P4- AcAfA <br />The following written resolution was presented by Member. ,�ho moved its adoption: <br />RESOLUTION NO. /-dl <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE <br />OF APPROXIMATELY $2,185,000 GENERAL OBLIGATION <br />IMPROVEMENT CROSSOVER REFUNDING BONDS, SERIES 2016A <br />BE IT RESOLVED By the City Council (the "Council") of the City of Centerville, Minnesota <br />(the "City") as follows: <br />1. Background; Determinations. It is determined that: <br />(a) The City is authorized by Minnesota Statues, Section 475.67, Subdivision 3, as <br />amended, to issue and sell its general obligation bonds to refund obligations and the interest thereon <br />before the due date of the obligations, if, consistent with covenants made with the holders thereof, when <br />determined by the Council to be necessary or desirable for the reduction of debt service cost to the City. <br />(b) It is necessary and desirable to the sound financial management of the City and to <br />reduce debt service cost to the City that it issue its General Obligation Improvement Crossover <br />Refunding Bonds, Series 2016A (the "Bonds"), in the approximate original aggregate principal amount <br />of $2,185,000, to refund in advance of maturity and at their redemption date certain outstanding general <br />obligations of the City. <br />(c) The outstanding bonds to be refunded (the "Refunded Bonds") consist of the $3,715,000 <br />General Obligation Improvement Bonds, Series 2009A (Build America Bonds – Direct Pay), dated <br />August 1, 2009, of which $2,110,000 in principal amount is callable on February 1, 2018. <br />(d) The City is authorized by Minnesota Statutes, Section 475.60, Subdivision 2(5) to <br />negotiate the sale of the Bonds, as the Bonds are "crossover refunding obligations" referred to in Section <br />