5.1. SR 05-07-2007 - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: MAY 7, 2007 Pursuant to due call and notice thereof, a regular or special meeting ofthe City Council of the City of Elk River, Sherburne County, Minnesota, was duly held at the City Hall on May 7, 2007, at 7:30 P.M., for the purpose, in part, of awarding the sale ofa $300,500 General Obligation Equipment Certificate, Series 2007B. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION NO. 07- RESOLUTION A WARDING THE SALE OF A $300,500 GENERAL OBLIGATION EQUIPMENT CERTIFICATE, SERIES 2007B; FIXING ITS FORM AND SPECIFICATIONS; DIRECTING ITS EXECUTION AND DELIVERY; AND PROVIDING FOR ITS PAYMENT BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), as follows: I. It is hereby determined: (a) It is necessary and expedient to issue a $300,500 General Obligation Equipment Certificate, Series 2007B (the "Certificate") pursuant to Minnesota Statutes, Section 412.301, to finance the costs of the acquisition of certain items of capital (the "Equipment"); (b) the Equipment has an expected useful life at least as long as the final maturity of the Certificate, and the $300,500 amount ofthe Certificate does not exceed 0.25% of the market value of the taxable property in the City ($1,786,411,900 x 0.25% is $4,466,030); and (c) the City is authorized to issue the Certificates pursuant to Minnesota Statutes, Section 475.60, Subdivision 2(1), in such manner and on such terms and conditions as determined by the City Council. 2. The City shall forthwith issue and sell the Certificate which shall be issued as a single, fully registered obligation without interest coupons, shall mature, bear interest and be subject to redemption as provided in the form of the Certificate. 2014559vl