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Councilmember Ciernia then introduced the <br />• <br /> following resolution and moved its adoption: <br />RESOLUTION NO. -90~ <br />RESOLUTION RELATING TO $335,000 GENERAL OBLIGATION <br />CAPITAL NOTES OF 1990; AWARDING THE SALE, FIXING <br />THE FORM AND DETAILS, AND PROVIDING FOR THE <br />EXECUTION AND DELIVERY THEREOF AND LEVYING AD <br />VALOREM TAXES FOR THE PAYMENT THEREOF <br />BE IT RESOLVED by the City Council (the Council) of <br />the City of Falcon Heights, Minnesota (the City), as follows: <br />Section 1. n„}horization and Sale. <br />1.01. Au horization. This Council has heretofore <br />determined that it is necessary and ezpedient for the City to <br />issue and sell its General Obligation Capital Notes of 1990 in <br />the principal amount of $335,000, $4,185 of such amount <br />representing interest as provided in Minnesota Statutes, <br />Section 475.56, to finance the purchase of public safety <br />equipment, road construction or maintenance equipment and other <br />capital equipment having at least a 4-year useful life pursuant <br />to Minnesota Statutes, Section 412.301. The obligations shall <br />• be general obligation negotiable securities denominated General <br />Obligation Capital Notes of 1990, issued in the aggregate <br />principal amount of $335,000 (the Notes). The principal amount <br />of the Notes does not ezceed 0.25 percent of the market value <br />of tazable property in the City. <br />1.02. Sale. Notice of sale of the Notes has been <br />duly published and the Council has publicly received, opened <br />and considered all sealed bids presented in conformity with the <br />notice. The most favorable of such bids is ascertained to be <br />that of Norwest Investment Services, Inc. of Minneapolis , <br />Minnesota and associates (the Purchaser), to <br />purchase the. Notes at a price of $ 333.995.00 plus accrued <br />interest on all Notes to the day of delivery and payment, and <br />upon the further terms and conditions set forth in this <br />resolution. It is hereby found and determined that said bid is <br />reasonable and advantageous to the City, and the sale of the <br />Notes is hereby awarded to said bidder. <br />1.03. contract for Sale. The Mayor and City~Clerk <br />are authorized and directed to endorse an acceptance of both <br />copies of the bid and to send one copy to the bidder. The City <br />Clerk is directed to retain the good faith check of said bidder <br />pending delivery of the Notes and payment therefor, and the <br />• <br />