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MEMORANDUM <br /> <br />Item 3.3. <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor and City Council <br /> <br />Lori Johnson, Finance Director <br /> <br />March 24, 2003 <br /> <br />Resolution Awarding the Sale of the City's $357, 100 General <br />Obligation Equipment Certificate of 2003; Fixing its Form and <br />Specifications; Directing its Execution and Delivery; and <br />Providing for its Payment <br /> <br />The 2003 budget includes equipment certificate purchases in the amount of $357,100. <br />Attached is a resolution awarding the sale of the city's 2003 equipment certificates in the <br />amount of $357,100. Proceeds will be used to fund public safety and public works <br />equipment. <br /> <br />The Bank of Elk River has offered to purchase the certificate at the interest rate of 2.25 <br />percent for a term of three years. The payable 2003 tax leW included aleW of $140,000 for <br />debt service on this equipment certificate. <br /> <br />Action Requested <br />City Council is asked to approve the attached resolution awarding the sale of the city's <br />$357,100 General Obligation Equipment Certificate of 2003; fixing its form and <br />specifications; directing its execution and delivery; and providing for its payment. <br /> <br />S~ Coundl/ Loff / Equ~Cert <br /> <br /> <br />