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. . . , " t Resolution No. 86-54 RESOLUTION AMENDING RESOLUTION 86-40, AUTHORIZING THE ISSUANCE OF $105,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES, SERIES 1986A BE IT RESOLVED by the City Council of the City of Elk River, Minnesota as follows: Section 1. Preliminary Statement of Facts. By its Resolution No. 86-40, adopted July 14, 1986, this Council authorized the issuance of the City's $105,000 General Obligation Equipment Certificates, Series 1986A (the Certificates). The closing of the transaction for the issuance and sale of the Certificates has not yet taken place. Effective August 1, 1986, section 412.301 of the Minnesota Statutes (the Authorizing Act) was amended to provide that equipment financed by the issuance of certificates of indebtedness under that section shall have an expected useful life at least as long as the term of the Certificates. This Council has been provided with information regarding the expected useful life of the equipment to be financed by the Certificates. The maturity date of the final installment payable on the Certificates, as provided in Resolution No. 86-40, is February 1, 1991. Section 2. Determination of Useful Life. It is hereby fou~d and determined that each of the items of equipment to be financed by the issuance of the Certificates has an expected useful life extending beyond February 1, 1991. section 3. Continuinq Effect of Resolution No. 86-40. Except as amended hereby, Resolution No. 86-40 of this Council remains in full force and effect. The motion for adoption of the foregoing resolutions was duly seconded by Councilmember Williams . The following voted in favor of the adoption of such resolution: Mayor Hinkle, Councilmembers Gunkel, Schuldt, Williams, and Engstrom and the following voted against the adoption of the proposed resolution: None Whereupon, such resolution was declared duly adopted. 2.