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CITY OF LAKE ELMO WASH? -'7GTON COUNTY, MINNESOTA RESOLUTION NO. 2006 -015 AUTHORIZING ISSUANCE, AWARD SALE FOR G.O. EQUIPMENT CERTIFICATE RESOLUTION AUTHORI7 -17 ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $443,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2006A BE IT RESOLVED by the City Council, City of Lake Elmo, Minnesota (the City), as follows: Section 1. Authorization and Sale. 1.01. Authorization. This Council hereby determines that it is in the best interests of the City to issue its $443,000 General Obligation Equipment Certificates of Indebtedness, Series 2006A (the Obligations) to finance the costs of acquiring items of capital equipment (the Project). Said items of capital equipment have a useful life not less than the term of the Obligations. The principal amount of the Obligations does not exceed .25 percent of the market value of taxable property in the City. 1.02. Sale. Pursuant to Minnesota Statutes, Section 475.60, subdivision. 2, paragraph (2), the requirements as to public sale do not apply to the issuance of the Obligations. A proposal for the purchase of the Obligations was received at or before the time specified for receipt of proposals. Northland Securities, Inc. (the Purchaser) has proposed to purchase the Obligations at a price of $ plus accrued interest on all Obligations to the day of issuance and delivery, on the further terms and conditions hereinafter set forth. 1.03. Award. The sale of the Obligations is hereby awarded to the Purchaser and the Mayor and City .Manager are hereby authorized and directed to execute a contract on behalf of the City for the sale of the Obligations in accordance with the terms of the proposal. Section 2. Obligation Terms; Registration; Execution and Delivery. 2.01. Issuance of Obligations. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Obligations having been done, now existing, having happened and having been performed, it is now necessary for the City Council to establish the form and terms of the Obligations, to provide security therefor and to issue the Obligations forthwith. 2.02. Maturities; Interest Rates; Denominations and Payment. The Obligations shall be originally dated March 8, 2006, shall mature on December I in the years and amounts stated below and shall bear interest from the date of issue until paid or duly called for redemption at the annual rates set forth opposite such years and amounts, as follows:. Year Amount Interest Rate 2008 $119,000 % 2011 128,000 2015 196,000 2