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<br />. <br /> <br />RESOLUTION NO. 89- 22 <br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE <br />PRESCRIBING THE FORM AND DETAILS AND LEVYING TAXES <br />FOR THE PAYMENT OF $101,500 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATES, SERIES 1989A <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 1989A in the <br />principal amount of One Hundred One Thousand Five Hundred <br />Dollars ($101,500) (the Certificates) for the purpose of <br />financing the purchase of various items of public safety, <br />public works and other capital equipment. <br /> <br />1.2) The sale and issuance of the Certificates is hereby <br />authorized pursuant to Minnesota Statutes, Section 412.301. The <br />Council hereby finds that the principal amount of the <br />Certificates, namely One Hundred One Thousand Five Hundred <br />Dollars ($101,500), does not exceed .25 percent (.25) of the <br />market value of taxable property in the City, the market <br />value of taxable property in the City being $261,428,893 <br />($261,428,893); therefore publication of a notice of the <br />. sale is not required. <br /> <br />1.3) It is hereby found and determined that each of <br />the items of equipment to be financed by the issuance of <br />the Certificates has an expected useful life extending <br />beyond February 1, 1994. <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 (the <br />Offeror) at a price equal to the par value of the <br />Certificates (One Hundred One Thousand Five Hundred Dollars <br />($101,500)) and upon the further terms and conditions <br />hereinafter set forth. <br /> <br />1.5) 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 1989A, shall be dated <br />as of May 1, 1989, and shall bear interest from the date on which <br />funds are advanced until paid, calculated from time to time upon <br />the amount of the unpaid principal balance, at a rate of seven <br />and one-fifth percent (7.2%) per annum. A single <br />Certificate shall be issued in the denomination of One Hundred <br />One Thousand Five Hundred Dollars ($101,500) providing for <br /> <br />. <br /> <br />2. <br />