Laserfiche WebLink
November 17, 1982 <br />Mr. Joseph G. Chlebeck <br />Clerk <br />City Hall <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />RE: FIRE DEPARTMENT EQUIPMENT CERTIFICATES <br />Dear Mr. Chlebeck: <br />JURAN & MOODY, INC. <br />Municipal Bonds Exclusively Since 1939 <br />Minnesota Mutual Life Building <br />400 North Robert Street -- Suite 800 <br />Saint Paul, Minnesota 55101 <br />Telephone 612/224 -1500 <br />Minn. Wats 1-800-752-4886 <br />Outstate Wats 1- 800 - 328 -3833 <br />NOV 23 12182 <br />CITY GE <br />LITTLE <br />A short time ago you called our offices and requested certain <br />information regarding the use of equipment certificates, or <br />certificates of indebtedness as they are more formally termed, to <br />assist the city with the financing of a new piece of fire apparatus. <br />I believe the following information will clearly illustrate the <br />requirements of certificates of indebtedness to you and the council. <br />If it does not, I would be most happy to meet with you and /or the <br />council to discuss this financing option. <br />1. Term. Certificates of indebtedness may be issued for a <br />period of five years or less upon whatever terms or <br />structure the council deems most favorable. <br />2. Debt Limits. Certificates of indebtedness are exempt <br />from the 8% levy limitation which is currently in effect <br />against all Minnesota cities and counties. One issuing <br />provision must be met however, it is that if the amount <br />to be issued for any one purchase exceeds 1% of the <br />total assessed valuation of the city, a notice must be <br />published by the city council of its intent to issue <br />certificates of indebtedness in the official newspaper <br />of the city. If within ten days after that publication, <br />a petition asking for an election on the matter is <br />submitted with the signatures of a number of voters <br />equal to 10% of the number voting in the last regular <br />municipal election, the council may not issue the <br />certificates until they have been approved by a majority <br />of the votes cast on the auestion at a regular or <br />special election. If the amount of the equipment <br />certificates does not exceed 1% of the assessed <br />valuation of the city or if no petition is submitted, no <br />election need be held. After issuing such certificates, <br />Saint Paul, MN - Minn <br />2 <br />nnlie MN - Hn,ictnn T\ - rin ir.vntnr FL. <br />