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CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION 98- 3 <br /> <br />RESOLUTION AWARDING THE SALE OF THE CITY'S $225,000 <br />GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF 1998; <br />FIXING ITS FORM AND SPECIFICATIONS; <br /> DIRECTING ITS EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR ITS PAYMENT <br /> <br /> BE IT RESOLVED by the City Council (The "Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br /> <br />1. It is hereby determined: <br /> <br />(a) <br /> <br />It is necessary and expedient to issue the City's $225,000 General <br />Obligation Equipment Certificate of 1998 (the "Certificate") pursuant <br />to Minnesota Statutes, Section 412.301, to finance the costs of the <br />acquisition of the following item of capital equipment for the City's <br />Municipal Utilities Commission (hereinafter referred to as the <br />"Equipmen~t"): a 69 KV transformer for the municipal electric utility. <br /> <br />(b) <br /> <br />The Equipment has an expected useful life at least as long as the final <br />maturity of the Certificate, and the $225,000 amount of the Certificate <br />does not exceed 0.25% of the market value of the taxable property in <br />the City. <br /> <br />(c) <br /> <br />The City is authorized pursuant to Minnesota Statutes, Section 475.60, <br />Subdivision 2(2), to negotiate the sale of the Certificate without public <br />notice and sale because the $225,000 principal amount of the <br />Certificate, when combined with any amounts of other obligations <br />which the City has negotiated and sold without public sale pursuant to <br />said Subdivision within the last 12 months, does not exceed $1,200,000. <br /> <br /> 2. The offer of First National Bank of Elk River, in Elk River, Minnesota (the <br />"Purchaser"), to purchase the Certificate is hereby accepted, such offer being to purchase <br />the Certificate at a price of $225,000 par, the Certificate to be subject to the terms and <br />conditions herein provided. <br /> <br /> 3. The City shall forthwith issue and sell its $225,000 General Obligation <br />Equipment Certificate of 1998. The Certificate shall be dated January 6, 1998 (or as soon <br /> <br />372500.1 <br /> <br /> <br />