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<br />EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ROSEVILLE <br /> <br />* * * * * * * * * * * <br /> <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 21 st day of May 2007 at 6:00 p.m. <br /> <br />The following members were present: Roe, Kough, Thlan, Pust and Klausing <br />and the following were absent: <br /> <br />Member Roe introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION 10505 <br /> <br />RESOLUTION ADOPTING THE DEBT POLICY <br />FOR THE CITY OF ROSEVILLE <br /> <br />WHEREAS, the City Council of the City of Roseville, Minnesota desires to establish financial <br />and budget policies that provide for the sustainability of City programs, services and <br />infrastructure; and <br /> <br />WHEREAS, the City Council of the City of Roseville, Minnesota desires to maintain the City's <br />strong financial condition; and <br /> <br />WHEREAS, the City Council of the City of Roseville, Minnesota desires to provide appropriate <br />fiscal and budgeting controls. <br /> <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, <br />Minnesota, that the following Debt Policy be adopted and remain in effect until such time that a <br />subsequent policy action is taken. <br /> <br />Debt Policy <br /> <br />Purpose <br /> <br />(J To define the role of debt in the City's total financial strategy so as to avoid using debt <br />in a manner that weakens the City's overall financial condition. <br /> <br />(J To establish limits on the amount of City debt which will allow for manageable debt <br />service costs. <br /> <br />(J To maintain the best possible Moody's and Standard and Poor's credit rating <br />