Laserfiche WebLink
CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION 03- 17 <br /> <br />RESOLUTION AWARDiNG THE SALE OF THE CITY'S $357,100 <br />GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF 2003; <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 $357,100 Geheral <br />Obligation Equipment Certificate of 2003 (the "Certificate") pursuant to <br />Minnesota Statutes, Section 412.301, to finance the costs of the City's <br />acquisition of certain police cars and heavy equipment for public works <br />(hereinafter referred to as the "Equipment"). <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 $357,100 amount of the Certificate <br />does not exceed 0.25% of the market value of the taxable property in the <br />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 $357,100 principal amount of the Certificate, <br />when combined with any amounts of other obligations which the City has <br />negotiated and sold without public sale pursuant to said Subdivision <br />within the last 12 months, does not exceed $1,200,000. <br /> <br /> 2. The offer of The Bank of Elk River, in Elk River, Minnesota (the "Purchaser"), to <br />purchase the Certificate is hereby accepted, such offer being to purchase the Certificate at a price <br />of $357,100 par, the Certificate to be subject to the terms and conditions herein provided. <br /> <br /> 3. The City shall forthwith issue and sell its $357,100 General Obligation Equipment <br />Certificate of 2003. The Certificate shall be dated March 28, 2003 (or as soon thereafter as <br />settlement can be arranged with the Purchaser, but in all events the Certificate shall be issued <br />prior to April 1, 2003), shall be a single, fully registered obligation without interest coupons, <br />shall bear interest payable on February 1, 2004, and semiannually thereafter on each August 1 <br />and February 1, and shall mature and bear interest as provided in the form of the Certificate set <br />out in paragaph 5 of this Resolution. <br /> <br />1511424vl <br /> <br /> <br />