RES 85-046 RESOLUTION AUTHORIZING ISSUANCE OF CAPITAL EQUIPMENT CERTIFICATE OF INDEBTEDNESS

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• RESOLUTION 85-046 A RESOLUTION AUTHORIZING ISSUANCE OF CAPITAL EQUIPMENT CERTIFICATE 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 a negotiable general obligation street and police equipment certificate of indebtedness in the amount of $15,000, dated October 22, 1985. There shall be one certificate in the denomination of $9,500. It shall mature, accrue interest and shall be payable as follows: Maturity Amount Interest Certificate 12/30/85 $9,500 6% • The certificate is hereby sold to St. Anthony National Bank at a price equal to the principal amount thereof plus accrued interest from December 30, 1985 to the date of delivery. (2) Said certificate 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 the St. Anthony National Bank or order the sum of $9,500 on or before the 30th day of December, 1985 with interest at the rate of six-.(6) 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 October 22, 1985 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 22nd day of October, 1985. (3) There is hereby created a special account in the debt service fund which shall be used only for paying principal and interest on certificates of indebtedness • issued pursuant to this resolution. Into this fund shall be paid all receipts from the taxes levied in this resolution and any other money appropriated to the fund from any other source. If any principal or interest