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<br /> <br />e <br /> <br />CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION 94-104 <br /> <br />RESOLUTION AWARDING THE SALE OF THE CITY'S $83,500 <br />GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF 1994; <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 <br />of Elk River, Minnesota (the "City"), as follows: <br /> <br />e <br /> <br />1. It is hereby determined: <br /> <br />(a) It is necessary and expedient to issue the City's <br />$83,500 General Obligation Equipment Certificate of <br />1994 (the "Certificate") pursuant to Minnesota <br />Statutes, Section 412.301, to finance the costs of <br />the acquisition of the following items of capital <br />equipment for the City (hereinafter referred to as <br />the "Equipment"): <br /> <br />Equipment: <br /> <br />Police Vehicles, Setup and <br />Equipment <br />Emergency Preparedness <br />Siren <br />Street Department Truck, <br />Loader, Fuel Pump and <br />Steel Roller <br />Costs of Issuance <br />Subtotal <br />Less Funds on Hand <br /> <br />$ 52,200 <br /> <br />11,000 <br /> <br />NET TOTAL <br /> <br />45,500 <br />800 <br />$109,500 <br />26,000 <br /> <br />$ 83,500 <br /> <br />e <br /> <br />(b) The Equipment has an expected useful life at least <br />as long as the final maturity of the Certificate, <br />and for such purposes the City has treated the <br />above-mentioned police equipment as having a useful <br />life of 3 years (with corresponding allocation <br />thereto of the earlier maturities of the <br />Certificate), with the remaining Equipment having a <br />useful life of 5 years or more; and the $83,500 <br />amount of the Certificate does not exceed 0.25% of <br />the market value of the taxable property in the <br />City. <br /> <br />274037.1 <br />