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CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION 04- <br /> <br />RESOLUTION AWARDING THE SALE OF THE CITY'S <br />$331,000 GENERAL OBLIGATION EQUIPMENT <br />CERTIFICATE OF 2004; FIXING ITS FORM AND <br />SPECIFICATIONS; DIRECTING ITS EXECUTION AND <br />DELIVERY; AND PROVIDING FOR ITS PAYMENT <br /> <br /> BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />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 $331,000 General <br />Obligation Equipment Certificate of 2004 (the "Certificate") pursuant to <br />Minnesota Statutes, Section 412.301, to finance the costs of the City's <br />acquisition of certain police cars and heavy equipment for public works <br />(hereinafter referred to as the "Equipment"). <br /> <br />(b) <br /> <br />The Equipment has an expected useful life at least as long as the final <br />maturity of the Certificate, and the $331,000 amount of the Certificate <br />does not exceed 0.25% of the market value of the taxable property in the <br />City. <br /> <br />(c) <br /> <br />The City is authorized pursuant to Minnesota Statutes, Section 475.60, <br />Subdivision 2(1), to negotiate the sale of the Certificate without public <br />notice and sale because the $331,000 principal amount of the Certificate, <br />when combined with any amounts of other obligations which the City has <br />negotiated and sold without public sale pursuant to said Subdivision <br />within the last 12 months, does not exceed $1,200,000. <br /> <br /> 2. The offer of The Bank of Elk River, in Elk River, Minnesota (the "Purchaser"), to <br />purchase the Certificate is hereby accepted, such offer being to purchase the Certificate at a price <br />of par ($331,000), the Certificate to be subject to the terms and conditions herein provided. <br /> <br /> 3. The City shall forthwith issue and sell its $331,000 General Obligation Equipment <br />Certificate of 2004. The Certificate shall be dated June 1, 2004, shall be a single, fully registered <br />obligation without interest coupons, shall bear interest payable on February 1, 2005, and <br />semiannually thereafter on each 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 this Resolution. <br /> <br />1649748vl <br /> <br /> <br />