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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 90-50 <br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE <br />PRESCRIBING THE FORM AND DETAILS AND LEVYING TAXES <br />FOR THE PAYMENT OF $101,500 1990 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATES <br /> <br />BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota as follows: <br /> <br />Section 1. Authori~~tion of Certificat~s. <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 />1990 General Obligation Equipment Certificates in the principal <br />amount of One Hundred One Thousand Five Hundred Dollars <br />($101,500) (the Certificates) for the purpose of financing the <br />purchase various items of public safety, public works and other <br />capital equipment. <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 One Thousand Five Hundred <br />Dollars ($101,500), does not exceed .25 percent of the market <br />value of taxable property in the City; the market value of <br />taxable property in the City being Three Hundred Nine Million <br />Two Hundred Seventy-three Thousand Six Hundred Twenty-three <br />Dollars ($309,273,623); therefore publication of a notice of <br />the sale is 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, 1995, the maturity date of the Certificates. <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 One Thousand Five Hundred Dollars <br />($101,500)) and upon the further terms and conditions <br />hereinafter set forth. <br /> <br />1.5) The sale of the Certificates is hereby awarded to the <br />Offeror. <br /> <br />Section 2. Certificate T~rms, Execution and Oelivex:y. <br /> <br />2.1) The Certificates shall be designated 1990 General <br />Obligation Equipment Certificates, shall be dated as of <br />October 1, 1990, and shall bear interest from the date on which <br />funds are advanced until paid, calculated from time to time <br />upon the amount of the unpaid principal balance, at a rate qf <br />seven percent (7%) per annum. A single Certificate shall be <br />issued in the denomination of One Hundred One Thousand Five <br />