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<br />. <br /> <br />RESOLUTION NO. Rn-40 <br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE <br />PRESCRIBING THE FORM AND DETAILS AND LEVYING TAXES <br />FOR THE PAYMENT OF $105,000 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATES, SERIES 1986A <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 1985A in the <br />principal amount of One Hundred Five Thousand Dollars <br />($105,000) (the Certificates) for the purpose of financing the <br />purchase of police vehicles and equipment and street con- <br />struction and maintenance equipment and a fire tanker truck. <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 Five Thousand Dollars <br />($105,000), does not exceed one percent (1%) of the assessed <br />valuation of the City, excluding money and credits; the <br />assessed valuation being Forty-Four Million Seven Hundred Forty- <br />Two Thousand Ninety-Two Dollars - (44,742,092); <br />therefore publication of a notice of the sale is not required. <br /> <br />1.3} The City has received an offer to purchase the <br />Certificates from the Bank of Elk River located in the City at <br />a price equal to the par value of the Certificates (One Hundred <br />Five Thousand Dollars ($105,000}) and upon the further terms <br />and conditions hereinafter set forth. <br /> <br />1.4) The sale of the Certificates is hereby awarded to the <br />said offeror. <br /> <br />Section 2. Certificate Terms, Execution and Delivery. <br /> <br />2.1} The Certificates shall be designated General <br />Obligation Equipment Certificates, Series 1986A, shall be dated <br />as of July 1, 1986, 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 6.25 percent (6.25%) per annum. A single Certificate shall <br />be issued in the denomination of One Hundred Five Thousand <br />Dollars ($105,000) providing for installments of principal <br />becoming payable annually on February 1 in each year, <br />commencing February 1, 1987, such installments to be paid at <br />the times, and in the amounts stated below: <br /> <br />. <br /> <br />2 . <br />