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<br />e <br /> <br />RESOLUTION 91 - ~ <br />RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br /> <br />A RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE <br />PRESCRIBING THE FORM AND DETAILS AND LEVYING TAXES <br />FOR THE PAYMENT OF $110,000 1991 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATES <br /> <br />BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota as follows: <br /> <br />Section 1. Aut:tlorization of Certificates. <br /> <br />1.1) This Council hereby determines that it is necessary <br />;:md in the best interests of the City for the City to issue its <br />1991 General Obligation Equipment Certificates in the principal <br />amount of One Hundred Ten Thousand Dollars ($110,000) (the <br />Certificates) for the purpose of financing the purchase of <br />various items of public safety, public works and other capital <br />equipment. <br /> <br />e <br /> <br />1.2) The sale and issuance of the Certificates is hereby <br />authorized pursuant to Minnesota Statutes, Section 412.301. <br />The Council hereby finds that the principal amount of the <br />certificates, namely One Hundred Ten Thousand Dollars <br />($110,000), does not exceed .25 percent of the market value of <br />taxable property in the City; the market value of taxable <br />property in the City being Three Hundred Fifty-Four Million <br />Four Hundred Fifty-Six Thousand Nine Hundred Forty-Three <br />Dollars ($354,456,943); therefore publication of a notice of <br />the proposed sale is not required. <br /> <br />1.3) It is hereby found and determined as follows: <br /> <br />(1) The aggregate purchase price of certain of the items <br />of equipment to be financed by the issuance of the <br />Certificates is not more than $43,800.00 and that such <br />equipment has an expected useful life of three years (the <br />"Three Year Equipment"); <br /> <br />(ii) The portion of the issuance costs of the <br />Certificates allocable to the cost of the Three Year <br />Equipment is $200.00; <br /> <br />e <br /> <br />(iii) It is proposed that the maturity date of a portion <br />of the Certificates aggregating $44,000,000 will be <br />February 1, 1993, a date prior to the expiration of the <br />expected useful life of the Three Year Equipment; <br /> <br />(iv) The aggregate purchase price of certain of the items <br />of equipment to be financed by the issuance of the <br />Certificates is not more than $65,700.00 and such <br />