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CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION 97- <br /> <br />RESOLUTION AWARDING THE SALE OF THE CITY'S $311,500 <br />GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF 1997; <br />FIXING ITS FORM AND SPECIFICATIONS; <br /> DIRECTING ITS EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR ITS PAYMENT <br /> <br /> ~E IT RESOLVED by the City Council (The "Council") of the City <br />of Elk River, Minnesota (the "City"), as follows: <br /> <br />1. It is hereby determined: <br /> <br />(a) <br /> <br />It is necessary and expedient to issue the City's <br />$311,500 General Obligation Equipment Certificate <br />of 1997 (the "Certificate") pursuant to Minnesota <br />Statutes, Section 412.301, to finance the costs of <br />the acquisition of the following items of capital <br />equipment for the City (hereinafter referred to as <br />the "Equipment"): fire pumper; police vehicles and <br />radios; and dump box, hydraulics, plow and wing. <br /> <br />(b) <br /> <br />The Equipment, on an average basis, has an expected <br />useful life at least as long as the final maturity <br />of the Certificate, and the $311,500 amount of the <br />Certificate does not exceed 0.25% of the market <br />value of the taxable property in the City. <br /> <br />(c) <br /> <br />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 $311,500 <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 /> <br /> 2. The offer of The Bank of Elk River, in Elk River, <br />Minnesota (the "Purchaser"), to purchase the Certificate is hereby <br />accepted, such offer being to purchase the Certificate at a price <br />of $311,500 par, the Certificate to be subject to the terms and <br />conditions herein provided. <br /> <br /> 3. The City shall forthwith issue and sell its $311,500 <br />General Obligation Equipment Certificate of 1997. The Certificate <br />shall be dated May 1, 1997 (or as soon thereafter as settlement can <br /> <br />349593.1 <br /> <br /> <br />