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Item 3.4. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor and City Council <br /> <br />FROM: <br /> <br />Lori Johnson, Finance Director <br /> <br />DATE: <br /> <br />May 24, 2004 <br /> <br />SUBJECT: <br /> <br />Resolution Awarding the Sale of the City's $331,000 General <br />Obligation Equipment Certificate of 2004; Fixing its Form and <br />Specifications; Directing its Execution and Delivery; and <br />Providing for its Payment <br /> <br />The 2004 budget includes equipment certificate purchases in the amount of $331,000. <br />Attached is a resolution awarding the sale of the city's 2004 equipment certificates in the <br />amount of $331,000. Proceeds will be used to fund public safety and public works <br />equipment. <br /> <br />The Bank of Elk River has offered to purchase the certificate at the interest rate of 2.50 <br />percent for a term of three years. The Bank of Elk River graciously agreed to honor this low <br />interest rate even though rates have increased recendy. <br /> <br />As in the past, debt service on the certificate will be funded with a tax levy. The payable <br />2004 tax levy included $140,000 for debt service on this equipment certificate. <br /> <br />Action Requested <br />City Council is asked to approve the attached resolution awarding the sale of the city's <br />$331,000 General Obligation Equipment Certificate of 2004; fining its form and <br />specifications; directing its execution and delivery; and providing for its payment. <br /> <br />S / C~undl/ Lmi/ EquipCert <br /> <br /> <br />