Laserfiche WebLink
21 <br /> Councilmember then introduced the following resolution and moved <br /> its adoption: <br /> RESOLUTION NO. 03- 029 <br /> RESOLUTION RELATING TO $320,000 GENERAL <br /> OBLIGATION EQUIPMENT CERTIFICATES OF <br /> INDEBTEDNESS, SERIES 2003C; AUTHORIZING THE <br /> ISSUANCE, AWARDING THE SALE,FIXING THE FORM <br /> AND DETAILS, AND PROVIDING FOR THE EXECUTION <br /> AND DELIVERY THEREOF AND LEVYING AD VALOREM <br /> TAXES FOR THE PAYMENT THEREOF <br /> BE IT RESOLVED by the City Council(the"Council") of the City of St. <br /> Anthony, Minnesota(the City), as follows: <br /> Section 1. Authorization and Sale. <br /> 1.01. Authorization. This Council has heretofore determined that it is necessary <br /> and expedient for the City to issue and sell its General Obligation Equipment Certificates of <br /> Indebtedness, Series 2003C in the principal amount of$320,000, $2,400 of such amount <br /> representing interest as provided in Minnesota Statutes, Section 475.56, to finance the purchase <br /> of fire and public works equipment having at least a 5-year useful life pursuant to Minnesota <br /> Statutes, Section 412.301. The obligations shall be general obligation negotiable securities <br /> denominated General Obligation Equipment Certificates of Indebtedness, Series 2003C, issued <br /> in the aggregate principal amount of$320,000 (the "Certificates"). The principal amount of the <br /> Certificates does not exceed 0.25 percent of the market value of taxable property in the City. <br /> 1.02. Sale of the Certificates. The City has retained Ehlers &Associates, Inc., an <br /> independent financial advisor, to assist the City in connection with the sale of the Certificates. <br /> The Certificates are being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, <br /> paragraph(9), without meeting the requirements for public sale under Minnesota Statutes, <br /> Section 475.60, Subdivision 1. Pursuant to the Terms and Conditions of Sale for the Certificates, <br /> _ <br /> ( )proposals for the purchase of the Certificates were received at or before the time <br /> specified for receipt of bids. The proposals have been publicly read and considered, and the <br /> purchase price, interest rates and net interest cost under the terms of each bid have been <br /> determined.. The most favorable proposal received is that of , <br /> of (the"Purchaser"),to purchase the Certificates at a price of <br /> $ , the Certificates to bear interest at the rates set forth in Section 3.01. The <br /> proposal is hereby accepted, and the Mayor and the City Manager are hereby authorized and <br /> directed to execute a contract on the part of the City for the sale of the Certificates with the <br /> Purchaser. The good faith checks of the unsuccessful bidders shall be returned forthwith. <br /> 1.03. Issuance of Certificates. All acts, conditions and things which are required <br /> by the Constitution and laws of the State of Minnesota to be done, to exist,to happen and to be <br />