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J, Member Ciernia resolution and moved its adoption: introduced the following RESOLUTION NO. R-90-2B RESOLUTION RELATING TO $335,000 GENERAL OBLIGATION CAPITAL NOTES OF 1990; CALLING FOR THE PUBLIC SALE THEREOF • BE IT RESOLVED by the City Council of the City of Falcon Heights, Minnesota (the City), as follows: 1. Authorization. Pursuant to the provisions of Minnesota Statutes, Section 412.301 and Chapter 475, the City has determined that it is necessary to issue and sell its General Obligation Capital Notes of 1990 (the Notes) in the aggregate principal amount of $335,000, $4,185 of such amount representing interest as provided in Minnesota Statutes, Section 475.56, for the purpose of financing the purchase of public safety equipment, road construction or maintenance equipment and other capital equipment having an expected life at least as long as the term of the Notes. The present costs of such purchases is as follows: Equipment Costs .. .. ............ $325,436 Cost of Issuance of Notes ......... 8,500 Note Discount ..................... 4,185 Interest Earnings ................. ( 3,121) Total ........................ $335.000 • This Council has previously passed a resolution determining to issue the Notes (the Authorizing Resolution) since the principal amount of the Notes exceeds one percent (1%) of the net tax capacity of the City, the Notes shall not be issued until at least ten (10) days after publication of the Authorizing Resolution in the official newspaper of the City. If before the end of the ten days following such publication, a petition asking for an election on the proposition of issuing the Notes signed by voters of the City equal to ten percent of the number of voters at the last regular municipal election of the City is filed with the City Clerk, the Notes shall not be issued until the proposition of their issuance has been approved by a majority of the votes cast on the question at a regular or special election of the City.