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<br /> <br />Item # 5.I.B. <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Lori Johnson, Finance and Administrative Services Director <br /> <br />DATE: May 16, 2005 <br /> <br />SUBJECT: Consider Resolution Awarding the Sale of the City's $645,000 General <br />Obligation Equipment Certificate, Series 2005D; Fixing its Form and <br />Specifications; Directing its Execution and Delivery; and Providing for <br />its Payment <br /> <br />Attached is a resolution awarding the sale of the city's $645,000 General Obligation Equipment <br />Certificate, Series 2005D. This issue funds the budgeted 2005 capital outlay items as well as the fire <br />pumper that was recently delivered. The certificate is being purchased by The Bank of Elk River at <br />an interest rate of 3.9% payable over five years. <br /> <br />Action Requested <br />City Council is asked to approve the resolution awarding the sale of the city's $645,000 General <br />Obligation Equipment Certificate, Series 2005D; fixing its form and specifications; directing its <br />execution and delivery; and proyiding for its payment. <br /> <br />S:\Council\Lori\2005\Series 2005D Bonds Sales.doc <br />