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<br />rei ---\) <br />( )j <br />rill <br /> <br />ITEM 4.2. <br /> <br /> <br />TO: <br /> <br />FROM: <br /> <br />MAYOR & CITY COUNCIL \ <br />LORI JOHNSON, FINANCE DIRECTOR~,~0 <br /> <br />DATE: AUGUST 25, 1993 <br /> <br />SUBJECT: RESOLUTION AWARDING THE SALE OF <br />THE CITY'S $109,500 G.O. EQUIPMENT <br />CERTIFICATE OF 1993 <br /> <br />Each year as part of <br />approves capital outlay <br />equipment certificates. <br />authorized capital outlay <br />resolution for detail on <br />resolution included a tax <br />Equipment Certificate. <br /> <br />the budget process, the City Council <br />expenditures to be financed by <br />The 1993 budget included $108,700 of <br />expenditures (see Page 1 of the <br />the expenditures). The 1993 levy <br />levy of $30,000 for the 1993 <br /> <br />The Bank of Elk River has offered to purchase the Certificate <br />at an interest rate of five percent. By negotiating the sale <br />with a local bank versus putting this on the public market, the <br />City saves a substantial amount in issuance cost. The 1993 <br />Equipment Certificate includes $800 of issuance cost. <br /> <br />e <br /> <br />The Council is asked to approve the attached resolution <br />awarding the sale of the City's $109,500 General Obligation <br />Equipment Certificate of 1993 to the Bank of Elk River for the <br />term of five years at an interest rate of five percent. <br /> <br />e <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />