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HomeMy WebLinkAboutRES 85-046 RESOLUTION AUTHORIZING ISSUANCE OF CAPITAL EQUIPMENT CERTIFICATE OF INDEBTEDNESS Meeting Sheet IIIIIIVIIIVIIIVIIIVIIIVIIIIIIIIIII iozaii Box: 23 Folder: RES 1985 Document: RES 85-046 RESOLUTION AUTHORIZING ISSUANCE OF CAPITAL EQUIPMENT CERTIFICATE OF INDEBTEDNESS • 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 -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 -authori zed by th�i s 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 1985 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 C.lerk 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. . (3) The Mayor and City Manager, as the officers of 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 10.3(_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. Adopted this 22nd day of October 5. May r ATTEST: '46 City Clerk Reviewed for administration: ti ; City Manager 1 • CERTIFICATE OF INDEBTEDNESS - 1985 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 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 19 8 Mayor Vv \ i • City Manager