Laserfiche WebLink
<br />. <br /> <br />RESOLUTION NO. 17 <br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE <br />PRESCRIBING THE FORM AND DETAILS AND LEVYING TAXES <br />FOR THE PAYMENT OF $109,600 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATES, SERIES 1988A <br /> <br />BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota as follows: <br /> <br />Section 1. Authorization of Certificates. <br /> <br />1.1) This Council hereby determines that it is necessary <br />and in the best interests of the City for the City to issue its <br />General Obligation Equipment Certificates, Series 1988A in the <br />principal amount of One Hundred Nine Thousand six Hundred <br />Dollars ($109,600) (the Certificates) for the purpose of <br />financing the purchase various items of public safety, public <br />works and other capital equipment. <br /> <br />. <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 Nine Thousand six Hundred <br />Dollars ($109,600), does not exceed one percent (1%) of the <br />assessed valuation of the City, excluding money and credits; <br />the assessed valuation being Fifty Million Three Hundred <br />Seventy-one Thousand Three Hundred Thirty-three Dollars <br />($50,371,333); therefore publication of a notice of the sale lS <br />not required. <br /> <br />1.3) It is hereby found and determined that each of the <br />items of equipment to be financed by the issuance of the <br />Certificates has an expected useful life extending beyond <br />February 1, 1993. <br /> <br />1.4) The City has received an offer to purchase the <br />Certificates from the Bank of Elk River located in the City <br />(the Offeror) at a price equal to the par value of the <br />Certificates (One Hundred Nine Thousand six Hundred Dollars <br />($109,600)) and upon the further terms and conditions <br />hereinafter set forth. <br /> <br />1.5) The sale of the Certificates lS hereby awarded to the <br />said offeror. <br /> <br />Section 2. Certificate Terms, Execution and Delivery. <br /> <br />. <br /> <br />2.1) The Certificates shall be designated General <br />Obligation Equipment Certificates, Series 1988A, shall be dated <br />as of March 1, 1988, and shall bear interest from the date on <br />which funds are advanced until paid, calculated from time to <br />time upon the amount of the unpaid principal balance, at a rate <br />of six and one-half percent (6.50%) per annum. A single <br />Certificate shall be issued in the denomination of One Hundred <br /> <br />2 . <br />