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and for such purposes the City has treated the <br />• above- mentioned police equipment as having a useful <br />life of 3 years (with corresponding allocation <br />thereto of the earlier maturities of the <br />Certificate), with the remaining Equipment having a <br />useful life of 5 years or more; and the $88,000 <br />amount of the Certificate does not exceed 0.25% of <br />the market value of the taxable property in the <br />City. <br />CJ <br />(c) The City is authorized pursuant to Minnesota <br />Statutes, Section 475.60, Subdivision 2(2), to <br />negotiate the sale of the Certificate without <br />public notice and sale because the $88,000 <br />principal amount of the Certificate, when combined <br />with any amounts of other obligations which the <br />City has negotiated and sold without public sale <br />pursuant to said Subdivision within the last 12 <br />months, does not exceed $1,200,000. <br />2. The offer of Bank of Elk River, in Elk River, Minnesota <br />(the "Purchaser "), to purchase the Certificate is hereby accepted, <br />such offer being to purchase the Certificate at a price of $88,000 <br />par, the Certificate to be subject to the terms and conditions <br />herein provided. <br />3. The City shall forthwith issue and sell its $88,000 <br />General Obligation Equipment Certificate of 1995. The Certificate <br />shall be dated December 1, 1995, shall be a single, fully <br />registered obligation without interest coupons, shall bear interest <br />payable on February 1, 1996, and semiannually thereafter on each <br />August 1 and February 1, and shall mature and bear interest as <br />provided in the form of the Certificate set out in paragraph 5 of <br />this Resolution. <br />The Certificate shall be subject to redemption in whole or in <br />part at the option of the City at any time, in inverse order of the <br />principal maturities thereof, upon prior written notice to the <br />Registered Owner thereof, at par plus accrued interest to date of <br />redemption. Interest on the Certificate shall be calculated on the <br />basis of a 360 -day year consisting of 12 months of 30 days each. <br />4. Both principal of and interest on the Certificate shall <br />be payable by the City Finance Director, who shall also act as <br />registrar and transfer agent (the "Certificate Registrar ") for the <br />Certificate. <br />5. The Certificate shall be substantially the following <br />form: <br />303682.1 2 <br />