Laserfiche WebLink
CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION 02- <br /> <br /> RESOLUTION AWARDING THE SALE OF THE CITY'S $267,500 <br />GENERAL OBLIGATION TAXABLE EQUIPMENT CERTIFICATE OF 2002; <br />FIXING ITS FORM AND SPECIFICATIONS; <br /> DIRECTING ITS EXECUTION AND DELIVERY; <br /> 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 $267,500 General <br />Obligation Taxable Equipment Certificate of 2002 (the "Certificate") <br />pursuant to Minnesota Statutes, Section 412.301, to finance the costs of <br />the City's acquisition of public safety vehicles, park equipment and public <br />works trucks and equipment (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 $267,500 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(6), to negotiate the sale of the Certificate without public <br />notice and sale because the City determines, on the advice of bond <br />counsel, that the interest in the Certificate cannot be represented to be <br />excluded from gross income for purposes of federal income taxation. <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 $267,500 par, the Certificate to be subject to the terms and conditions herein provided. <br /> <br /> 3. The City shall forthwith issue and sell its $267,500 General Obligation Taxable <br />Equipment Certificate of 2002. The Certificate shall be dated December 2, 2002 (or as soon <br />thereafter as settlement can be arranged with the Purchaser), shall be a single, fully registered <br />obligation without interest coupons, shall bear interest payable on December 1, 2003, and shall <br />mature and bear interest as provided in the form of the Certificate set out in paragraph 5 of this <br />Resolution. <br /> <br />1464957vl <br /> <br /> <br />