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**Item 3.4.** <br /> <br />River <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />Mayor and City Council <br /> <br />Lori Johnson, Finance Director <br /> <br />November 19, 2001 <br /> <br />SUBJECT: <br /> <br />Resolution Awarding the Sale of the City's $202,000 General <br />Obligation Equipment Certificate of 2001; Fixing its Form and <br />Specifications; Directing its Execution and Delivery; and <br />Providing for it's Payment <br /> <br />Attached is a resolution awarding the sale of equipment certificates to finance the fire <br />pumper that was recently received. The equipment certificate has been reduced by the <br />amount available in the 1989 Fire Equipment Debt Service Fund as approved by the City <br />Council on June 4, 2001. The equipment certificate will be purchased by the Bank of Elk <br />River at an interest rate of 3.75% for a term of five years. The equipment certificate calls for <br />debt levies; however, the intent is to cancel those levies and make the payments with funds <br />available from other sources, mainly the Capital Outlay Reserve. <br /> <br />Recommendation <br /> <br />The City Council is asked to approve the attached resolution awarding the sale of the city's <br />$202,000 general obligation equipment certificate of 2001; fixing its form and specifications; <br />directing its execution and delivery; and providing for its payment. <br /> <br />S~ Coundl/ EquipCert <br /> <br /> <br />