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ity of <br />� <br />lk • <br />River <br />* *ITEM 6.4. ** <br />MEMORANDUM <br />TO: Mayor & City Council <br />FROM: Lori Johnson, Assistant City <br />Administrator <br />DATE: November 6, 1995 <br />SUBJECT: Resolution Awarding the Sale of <br />$88,000 General Obligation Equipment <br />Certificate of 1995 <br />The 1995 Budget included Equipment Certificate purchases of $117,000. The <br />tax levy included a levy of $29,000 for the payment of equipment certificate <br />debt. Again this year, the tax levy will instead be used to reduce the size of <br />the Certificate issued. <br />• The attached resolution outlines the details of the Certificate. The Bank of <br />Elk River is purchasing the Certificate at an interest rate of 4.60 percent; the <br />Certificate has a term of five years with principal and interest payments <br />starting February 1, 1996. The Certificate requires tax levies in the years <br />1996 through 1999. <br />• <br />Action Requested <br />The City Council is asked to approve the attached resolution, a Resolution <br />Awarding the Sale of the City's $88,000 General Obligation Equipment <br />Certificate of 1995; Fixing its Form and Specifications; Directing its <br />Execution and Delivery; and Providing for its Payment. <br />13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441 -7420 • Fax: (612) 441 -7425 <br />