HomeMy WebLinkAboutRES 86-036 RESOLUTION ESTABLISHING A FUND FOR POLICE FORFEITURE MONIES Meeting Sheet
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102363
Box: 23
Folder: RES 1986
Document: RES 86-036 RESOLUTION ESTABLISHING A FUND FOR
POLICE FORFEITURE MONIES
RESOLUTION 86-037
• Member Ranallo introduced the
following resolution and moved its adoption:
RESOLUTION RELATING TO $125 , 000 EQUIPMENT
CERTIFICATES OF INDEBTEDNESS; AUTHORIZING
THE ISSUANCE THEREOF AND AWARDING THE
SALE
BE IT RESOLVED by the City Council of the City
of St . Anthony, Minnesota, as follows :
1. It is hereby determined that it is necessary
for the City to issue and sell its Equipment Certificates
of Indebtedness (the "Certificates" ) to finance the purchase
of public safety and public works equipment. The Certificates
are being issued by the City pursuant to Minnesota Statutes,
Section 412 . 301. The Certificates shall be in the principal
amount of $125, 000, $1, 875 of which amount represents interest
as permitted by Minnesota Statutes, Section 475 . 56 . The
principal amount of the Certificates is less than one percent
(lo ) of the current assessed valuation of the City . - The
Certificates shall be dated January 1, 1987 and will mature,
without option of .prior payment, on the following dates in
the amount set forth opposite such dates respectively :
• Maturity Date Amount
August 1, 1987 $35, 000
February 1, 1988 25, 000
August 1, 1988 20, 000
February 1, 1989 20 , 000
August 1, 1989 25 , 000
Interest on the Certificates will be payable on August 1,
1987 , and semiannually thereafter on each February 1 and
August 1. The Certificates will be issuable only in fully
registered form in denominations of $5, 000 or any multiple
thereof , of single maturities, with interest payable by check
or draft to the person in whose name the Certificate is
registered as of the 15th (whether or not a business day)
of the month preceding each interest payment date on the
register maintained by the. Registrar for the Certificates,
which will be a suitable bank or trust company selected by
the City. Principal of the Certificates will be payable
upon surrender of each Certificate at maturity at the office
of the Registrar .
2 . The City has received an offer from Miller &
Schroeder Financial, Inc . , to purchase the Certificates upon
the terms set forth in paragraph 1 hereof and at a price
• of $123, 1.25, plus accrued interest, with the Certificates
• of each maturity date to bear interest from their date of
issue until paid at the annual rate set forth opposite such
maturity date respectively :
Maturity Date Interest Rate
August 1, 1987 4 . 25%
February 1, 1988 4 . 50%
August 1, 1988 4 . 50%
February 1, 1989 5 . 00%
August 1, 1989 5 . 00%
Such offer is deemed advantageous to the City and is hereby
accepted. The Certificates are being sold by the City without
a public sale pursuant to Minnesota Statutes, Section 475 . 60,
subdivision 2 ( 2 ) . The City has not sold any other obligations
without a public sale pursuant to this provision in the last
three months . . The Mayor and City Manager are hereby authorized
and directed to execute a contract on the part of the City
for the sale of the Certificates to Miller & Schroeder Financial ,
Inc .
Dated: November 25 , 1986.
001,
go- Ims Mayor
Attest :
City Verk
The motion for 'the adoption of the foregoing resolution
was duly seconded by Member Marks and upon vote
being taken thereon, the following voted in favor thereof :
Sundland, Ranallo, Marks, Enrooth, Makowske
and the following voted against the same :
None
whereupon said resolution was declared duly passed and adopted.
i
_2_
� "'h Q, ' ��
• CERTIFICATE
The undersigned duly qualified and acting City
Clerk of the City of St. Anthony hereby- certifies that attached
hereto is true and correct copy of a resolution entitled
"Resolution Relating to $125, 000 Equipment Certificates of
Indebtedness ; Authorizing the Issuance Thereof and Awarding
the Sale'-' which resolution was adopted by the St. Anthony
City Council at a regular meeting duly called and held on
November 1986, and a copy of such resolution is -on file
in the office of the City Clerk, City of St. Anthony, Minnesota.
Dated this day of , 1986 .
• City C
RESOLUTION 86-036.
A RESOLUTION ESTABLISHING A FUND FOR
POLICE FORFEITURE MONIES
WHEREAS, the City Council of the City of St. Anthony desires to
establish a separate fund for the accounting of funds from Police
cases; and
WHEREAS, the state law incorporates the concept that forfeited property '
is meant to augment the law enforcement budget, and not to be an offset
to the municipal law enforcement annual budget; and
WHEREAS, funds are needed by the police department periodically for the
purpose of buying funds, safety of witnesses and victims, witness
assistance, conferences and training funds; and
WHEREAS, these funds cannot be budgeted in the annual police budget
continuing from year to year.
NOW, THEREFORE, BE IT RESOLVED, that Fund #230, Police Forfeiture
Fund, .is hereby established.
Adopted this 1O-11:� day of N���mbp� 1986.
M yor
ATTEST:
City Clerk
�Reviewed for administration:
��. � l City Manager