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HomeMy WebLinkAboutRES 83-028 RESOLUTION AUTHORIZING ISSUANCE OF CAPITAL EQUIPMENT CERTIFICATES OF INDEBTEDNESS Meeting Sheet. IIIIIIVIIIVIIIVIIIVIIIVIIIIIIIIIII 102529 Box: 23 Folder: RES 1983 Document: RES 83-028 RESOLUTION AUTHORIZING ISSUANCE OF CAPITAL EQUIPMENT CERTIFICATES OF INDEBTEDNESS 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 " -2- (3) There is hereby created a special account in -the debt service fund which shall be used only for paying principal and interest on certifi- cates of indebtedness issued pursuant to this resolution. -Into this fund shall be paid all receipts from the taxes levied in this resolu- tion and any other money appropriated to the fund from any other source. If any principal or interest on the certificates becomes due when there is not sufficient money in the fund to pay it, the City Treasurer shall make up the deficit from the. General Fund- of the City and the General Fund shall be reimbursed for such advances from the proceeds of the taxes levied in this resolution and all other moneys received for or appropriated to the payment of principal and interest. (.4) The proceeds of the sale of :the -certificates authorized by this resolution shall be paid into the Capital Equipment Fund (#401) and from this .fund shal_1 be paid all expenses incurred for the pruchase of street and police. equipment to be. financed by .such proceeds. (5) To provide moneys for such payment, the City has levied upon all the taxable. property in th.e City an irrepealable, ad valorem tax which has been spread upon the tax .rolls and will be collected with and as a part of the other general property taxes in the City in 1983 in an amount such that if collected in full will produce an amount at least 5% in excess of the amount needed to meet when due the principal and interest payments. on the certificates . Such tax levy shall be irre- pealable until all of the principal and interest on such certificates are paid. (6) The City Clerk is hereby authorized and directed to file a certified copy of this resolution with the County Auditor of Hennepin and Ramsey Counties, together wish such information as he shall require, and to obtain from the county auditors a certificate that these certificates of indebtedness have been entered on his bond register and the tax. has been .levied as required by law. (7) The Mayor and -City Manager, as .the officers of the City charged with the responsibility for issuing the obligations pursuant to this resolution, are authorized and directed to execute and deliver the certificates to the purchaser, together -with a certificate executed by the Mayor and City Manager sufficient to meet the requirements of the Internal Revenue Code. Section 103 (c) and the rules. and regulations promulgated under that section. Such certificate shall state that the proceeds of the certificates of indebtedness will not be used in such a manner as. would. cause the certificates. to be arbitrage bonds. The certificate shall- further state that to the best of. the knowledge and belief of the certifying officers , there are no other facts , estimates , or circumstances that would materially change such expectation. Adopted this.LL day of rnaV 1983 . Y6-2 4&f2 Mayor • -A'1'T8ST: 44.11, Clerk Reviewed for administration: ' City Manager r CERTIFICATE OF INDEBTEDNESS - 1983 Certificate #1 The City of St. Anthony, in the Counties of Hennepin andRamsey, and the State of Minnesota, for value received promises to pay to the St. Anthony National Bank or order the sum of $15, 000 on or before the 28th day of July, 1983 with interest at the rate of 6 .5 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 May 24 , 1983 pursuant to Minnesota Statutes , Section 412 . 301. The principal and interest of this certificate are payable out of j 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 thisl day of �T(jnf— 19�3 . M yor City Manager r • f y CERTIFICATE OF INDEBTEDNESS - 1983 Certificate . #2 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 $15 ,000 on or before the 28th day of December, 1983, with interest at the rate of 6 .5 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 May 24 , 1983 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 Manacrer and its corporate seal affixed thereto this day of l�e , 1963 . Mayor r r, f City Manager