RES 83-028 RESOLUTION AUTHORIZING ISSUANCE OF CAPITAL EQUIPMENT CERTIFICATES OF INDEBTEDNESS

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r - RESOLUTION 83-028 A RESOLUTION AUTHORIZING ISSUANCE OF CAPITAL EQUIPMENT CERTIFICATES OF INDEBTEDNESS WHEREAS-, Minnesota Statutes , Section 412 . 301 authorizes the City Council to issue -certificates of. indebtedness within existing debt limits to finance the purchase of street and police equipment and said equipment has been purchased; and WHEREAS , in conformance with Minnesota Statutes, Section 475 .61, the City Council has levied the necessary taxes such that if such taxes are collected in full, they will produce an amount at least 5% in excess of the amount needed to meet when due of- the principal and interest payments on the obligations , BE IT RESOLVED BY THE CITY COUNCIL OF ST. ANTHONY, MINNESOTA: (1) The City shall forthwith issue. -its negotiable general obligation street and police-:equipment certificates of .indebtedness in the amount of $30 , 000 , dated June 1, 1983. There shall be two (2) certificates , each in the denomination of $15 ,000 . They shall mature, accrue int- erest and shall be payable as follows : . Maturity Amount Interest Certificate #1 7/28/83 $15 ,000 6 .5% Certificate #2 12/28/83 $15 ,000 6 .5% The certificates are hereby sold to . St. Anthony National Bank at a price equal to the principal- amount thereof plus accrued interest from 6/1/83 to the .date of delivery . (2) Such certificates shall be in substantially the following form: "The City of. St. Anthony, in 'the .Counties of Hennepin and Ramsey, and the State of Minnesota, for value received promises to pay to or order the sum of $15, 000 on or before the day of 19 with interest at the rate of percent per annum, payable at maturity. This certificate of indebtedness is .issued by authority of a resolution passed by the City Council of St. Anthony, Minnesota on , ' 19 pursuant to Minnesota Statutes, Section 412. 301. The principal and interest of this certificate are payable out of the money in the treasury of the City and . the full faith and credit of the City are irrevocably pledged for the redemption of this certificate. • In testimony whereof the City of St. Anthony has caused this certificate to be signed by its Mayor and City -Manager and its corporate seal affixed thereto this day of , 19 "