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<br />- <br /> <br />CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION 95- 73 <br /> <br />RESOLUTION AWARDING THE SALE OF THE CITY'S $88,000 <br />GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF 1995; <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 <br />of Elk River, Minnesota (the "City"), as follows: <br /> <br />1. It is hereby determined: <br /> <br />(a) It is necessary and expedient to issue the City's <br />$88,000 General Obligation Equipment Certificate of <br />1995 (the "Certificate") pursuant to Minnesota <br />Statutes, Section 412.301, to finance the costs of <br />the acquisition of the following items of capital <br />equipment for the City (hereinafter referred to as <br />the "Equipment"): <br /> <br />~ Equipment: <br /> <br />Fire Radios and Self- <br />Contained Breathing Apparatus <br /> <br />$25,000 <br /> <br />Computer Equipment <br /> <br />8,800 <br /> <br />Police Vehicles, Setup and <br />Equipment <br /> <br />59,300 <br /> <br />Emergency Preparedness Siren <br /> <br />10,000 <br /> <br />Parks Department Backblade <br /> <br />2,600 <br /> <br />Field Groomer <br /> <br />10,500 <br /> <br />Costs of Issuance <br /> <br />800 <br /> <br />Subtotal <br /> <br />$117,000 <br /> <br />Less Funds on Hand <br /> <br />29,000 <br /> <br />NET TOTAL <br /> <br />$ 88,000 <br /> <br />e <br /> <br />(b) The Equipment has an expected useful life at least <br />as long as the final maturity of the Certificate, <br /> <br />303682. 1 <br />