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RESOLUTION 86-037 <br /> • Member Ranallo introduced the <br /> following resolution and moved its adoption: <br /> RESOLUTION RELATING TO $125 , 000 EQUIPMENT <br /> CERTIFICATES OF INDEBTEDNESS; AUTHORIZING <br /> THE ISSUANCE THEREOF AND AWARDING THE <br /> SALE <br /> BE IT RESOLVED by the City Council of the City <br /> of St . Anthony, Minnesota, as follows : <br /> 1. It is hereby determined that it is necessary <br /> for the City to issue and sell its Equipment Certificates <br /> of Indebtedness (the "Certificates" ) to finance the purchase <br /> of public safety and public works equipment. The Certificates <br /> are being issued by the City pursuant to Minnesota Statutes, <br /> Section 412 . 301. The Certificates shall be in the principal <br /> amount of $125, 000, $1, 875 of which amount represents interest <br /> as permitted by Minnesota Statutes, Section 475 . 56 . The <br /> principal amount of the Certificates is less than one percent <br /> (lo ) of the current assessed valuation of the City . - The <br /> Certificates shall be dated January 1, 1987 and will mature, <br /> without option of .prior payment, on the following dates in <br /> the amount set forth opposite such dates respectively : <br /> • Maturity Date Amount <br /> August 1, 1987 $35, 000 <br /> February 1, 1988 25, 000 <br /> August 1, 1988 20, 000 <br /> February 1, 1989 20 , 000 <br /> August 1, 1989 25 , 000 <br /> Interest on the Certificates will be payable on August 1, <br /> 1987 , and semiannually thereafter on each February 1 and <br /> August 1. The Certificates will be issuable only in fully <br /> registered form in denominations of $5, 000 or any multiple <br /> thereof , of single maturities, with interest payable by check <br /> or draft to the person in whose name the Certificate is <br /> registered as of the 15th (whether or not a business day) <br /> of the month preceding each interest payment date on the <br /> register maintained by the. Registrar for the Certificates, <br /> which will be a suitable bank or trust company selected by <br /> the City. Principal of the Certificates will be payable <br /> upon surrender of each Certificate at maturity at the office <br /> of the Registrar . <br /> 2 . The City has received an offer from Miller & <br /> Schroeder Financial, Inc . , to purchase the Certificates upon <br /> the terms set forth in paragraph 1 hereof and at a price <br /> • of $123, 1.25, plus accrued interest, with the Certificates <br />