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<br />rei ~'\) <br />( ); <br />~ll< <br /> <br /> <br />Item #4.2. <br /> <br />River <br /> <br />MEMORANDUM <br /> <br />TO: Mayor & City Council <br /> <br />FROM: Lori Johnson, Finance Director <br /> <br />DATE: October 18, 1999 <br /> <br />SUBJECT: Resolution A warding the Sale of the City's <br />$162,750 General Obligation Equipment <br />Certificate of 1999; Fixing its Form and <br />Specifications; Directing its Execution and <br />Delivery; and Providing for its Payment <br /> <br />. <br /> <br />The 1999 budget included police and street department capital purchases <br />totaling $162,000 to be financed through equipment certificates. Attached is <br />a resolution to authorize the sale of $162,750 of equipment certificates to <br />fund these capital items plus issuance costs. The 1999 Equipment <br />Certificates to be purchased by The Bank of Elk River have a five year term <br />and a five percent interest rate. <br /> <br />Action Requested <br /> <br />The City Council is asked to approve the attached Resolution Awarding the <br />Sale of the City's $162,750 General Obligation Equipment Certificate of 1999; <br />Fixing its Form and Specifications' Directing its Execution and Delivery; and <br />Providing For its payment. <br /> <br />. <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br />