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<br />. <br /> <br />RESOLUTION NO. 87-13 <br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE <br />PRESCRIBING THE FORM AND DETAILS AND LEVYING TAXES <br />FOR THE PAYMENT OF $106,000 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATES, SERIES 1987A <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 1987A in the <br />principal amount of One Hundred six Thousand Dollars ($106,000) <br />(the Certificates) for the purpose of financing the purchase of <br />police vehicles and equipment, street construction and <br />maintenance equipment and various other items of maintenance, <br />office, and civil defense 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 six Thous2nd Dollars <br />($106,000), does not exceed one percent (1%) of the assessed <br />valuation of the city, excluding money and credits; the <br />assessed valuation being Forty-eight Million Eight Hundred <br />Ninety-two Thousand Dollars ($48,892,000); therefore <br />publication of a notice of 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, 1992. <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 at <br />a price equal to the par value of the certificates (One Hundred <br />six Thousand Dollars ($106,000)) and upon the further terms and <br />conditions 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 1987A, shall be dated <br />as of March 1, 1987, 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 five and three-quarters percent (5.75%) per annum. A single <br />Certificate shall be issued in the denomination of One Hundred <br />Six Thousand Dollars ($106,000) providing for installments of <br /> <br />2 . <br />