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HomeMy WebLinkAboutRES 84-051 RESOLUTION AUTHORIZING ISSUANCE OF CAPITAL EQUIPMENT CERTIFICATE OF INDEBTEDNESS Meeting Sheet IIIIII VIII VIII VIII VIII VIII IIII IIII 102456 BOX: 23 Folder: RES 1984 Document: RES 84-051 RESOLUTION AUTHORIZING ISSUANCE OF CAPITAL EQUIPMENT CERTIFICATE OF INDEBTEDNESS /• _.i N1 • RESOLUTION 84-051 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 December 6, 1984. There shall be one certificate in the denomination of $15,000. It shall mature, accrue interest and shall be payable as follows : Maturity Amount Interest Certificate 12/28/84 $15,000 6% • The certificate is hereby sold to St. Anthony National Bank at a price equal to the principal amount thereof plus accrued interest from 12/5/84 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 City of St. Anthony or order the sum of $15,000 on or before the 28th day of December , 19 84 with interest at the rate of 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 December 4 , 19 84 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 ir- revocably 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 6th day of December 19 84 " (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 -2- on the certificate 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 certificate authorized by this resolution shall be paid into the Capital Equipment Fund (.#401 ) and from this fund shall be paid all expenses incurred for the purchase 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 the 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 1984 .in an amount such that if col- lected 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 certificate. Such tax levy shall be irrepealable until all of the principal and interest on such certificate is 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 with such information as he shall require, and to obtain from the county auditors a certificate that this certificate of indebtedness has been entered on his bond register and the tax has been levied as required • by law. (7) The Mayor and City Manager, as the officersof the City charged with the responsibility for issuing the obligation pursuant to .this. resolution, are authorized and directed to execute and deliver the certificate to the pur- chaser, 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 certificate of indebtedness will not be used in such a- manner as would cause the certificate 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. t� Adopted this day of Dece4c!'/ 1984. !tJMayo. ATTEST: City5C1erk, `Reviewed for administration: • � . City Manager • CERTIFICATE OF INDEBTEDNESS - 1984 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, 1984 with interest at the rate of 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 December 4, 1984 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 DtE'Y,l `� 19r Ma o City Manager