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COUNCIL MEETING JANUARY 8, 1996 <br />CONSIDERATION OF RESOLUTION NO. 96 - 01 AUTHORIZING THE <br />ISSUANCE OF THE 1996 CERTIFICATE OF INDEBTEDNESS <br />Mr. Schumacher explained that the 1996 General Fund Budget called for the issuance of <br />Certificate of Indebtedness in the amount of $225,000.00 to be used for the purchase of <br />capital equipment. <br />The Area and Unit Fund has sufficient reserves to issue a loan to finance these purchases. <br />For the past several years, rather than going to a bank and paying the interest, the City has <br />financed the Certificate of Indebtedness from the Area and Unit Fund. As the special levy <br />for the capital equipment is received by the City, the loan from the Area and Unit Fund is <br />repaid. This enables the City to keep the interest from the special levy within the City. <br />The equipment to be funded with the 1996 Certificate of Indebtedness includes: <br />Fire Capital Outlay <br />Two (2) Squad Cars <br />Replace Fuel Tanks <br />Shop Yard Fencing <br />Copier/Laser Printer <br />Pickup Truck with Plow <br />Total <br />$ 63,000.00 <br />$ 40,000.00 <br />$ 62,000.00 <br />$ 18,000.00 <br />$ 20,000.00 <br />$ 22,000.00 <br />$225,000.00 <br />Council Member Neal moved to approve Resolution No. 96 - 01 Authorizing the Issuance <br />of the 1996 Certificate of Indebtedness. Council Member Bergeson seconded the motion. <br />Motion carried unanimously. <br />OLD BUSINESS <br />Consideration of Letter From Anoka County Commissioner, Paul McCarron <br />Confirming the Re -Appointment of Eugene Peterson to the Rice Creek Watershed <br />District Board - Mr. Schumacher explained that a letter from County Commissioner, <br />Paul McCarron was received confirming the re -appointment of Eugene Peterson to the <br />Rice Creek Watershed District Board. This item is for Council information only and no <br />action is needed. <br />NEW BUSINESS <br />Consideration of Setting Public Hearing for January 22, 1996, 6:30 P.M. to Receive <br />Public Comment on the Use of the 1996-1997 Community Development Block Grant <br />(CDBG) Funds - Mr. Schumacher explained that the purpose of this agenda item is to <br />set the public hearing date to take public comment on the use of the 1996-1997 CDBG <br />PAGE 4 <br />1 <br />1 <br />1 <br />