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CITY OF ST. ANTHONY <br /> REQUEST FOR CITY COUNCIL ACTION <br /> --------------------------------------------------------------- <br /> Date Submitted Type of Action Requested Agenda Item Number <br /> X Resolution New Business-3 <br /> May 20, 1983 Ordinance <br /> Date Action Requested Formal Action/Motion Title Certificates of <br /> Other <br /> May 24, 1983 _ Indebtedness <br /> ------------------------------------------------------------------- <br /> TO: Mayor and Councilmen <br /> FROM: David M. Childs , City Manager <br /> SUMMARY DISCUSSION OF SUBJECT: As part of the 1983 budget, a tax levy of <br /> was made for the purpose of purchasing capital equipment through the use <br /> of a certificate of indebtedness. This procedure is used by many cities and has <br /> been used by the City of St. Anthony in the past to assist in keeping our capital <br /> equipment up to date. <br /> • FISCAL IMPACT: The anticipated interest costs for borrowing wi l l depend on <br /> the final interest rate negotiated. (.I will have quotes ready for the Tuesday <br /> meeting . ) Based on 8% interest rate, the total interest cost would be approximately <br /> $300.00. <br /> ALTERNATIVES : <br /> RECOMMENDATION: Recommend that the certificates be authorized at an interest <br /> rate and to a lender as presented at the meeting . <br /> CITY MANAGER' S REVIEW: COMMENTS : <br />