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392573v1 JSB BL140-12 Item No: 7.F. Meeting Date: October 24, 2011 Type of Business: Council Business Administrator Review: ____ City of Mounds View Staff Report To: Honorable Mayor and City Council From: Mark Beer, Finance Director Item Title/Subject: Resolution 7846 Authorizing the Issuance of a General Obligation Equipment Certificate of Indebtedness, Series 2011 to the City of Blaine, Minnesota Introduction: The City as a member of the joint fire department with the Cities of Spring Lake Park and Blaine (SBM Fire Department) from time to time has a need to purchase capital equipment. Due to the poor economy the fire department has deferred the purchase of two fire trucks and extended the use of a third truck. SBM has proposed to replace three fire trucks, which would provide significant savings due to the combined purchase. The City Council approved the terms of sale for Equipment Certificates of Indebtedness and a supplement to the Joint Powers Agreement in resolution 7827 which provided authorization to move forward. Discussion: The City of Blaine has generously agreed to act as the conduit for the sale of General Obligation Equipment Certificates of Indebtedness for the three cities. The City of Blaine has issued bonds and equipment certificates in the past when significant equipment purchases or construction of facilities were needed. Each city will pay their pro-rata share based on the formula in the Joint Powers Agreement. Currently our share is 15.12%. To formalize the City’s proportionate share of the equipment certificates of indebtedness the City Council would need to adopt the attached resolution. Recommendation: Staff recommends that the Council ask any questions that they may have. Staff recommends approval of Resolution 7846. Respectfully submitted, ________________________ Mark Beer Finance Director