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Councilmember introduced the following resolution and moved for its adoption: <br />RESOLUTION #13-07-117 <br />APPROVING THE ISSUANCE OF $635,000 GENERAL OBLIGATION EQUIPMENT <br />CERTIFICATES OF INDEBTEDNESS, SERIES 2013A <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA as follows: <br />1. The City Council hereby finds and declares that it is necessary and expedient for the City <br />Council to sell and issue its fully registered general obligation equipment certificates of <br />indebtedness in the total aggregate principal amount of not to exceed $635,000 (herein, <br />the "Certificates"). The proceeds of the Certificates will be used to finance the cost of <br />capital equipment to be used by various City departments and to pay the costs of issuing <br />the Certificates. <br />2. The City desires to proceed with the sale of the Bonds by direct negotiation to Northland <br />Securities, Inc. (herein, "NSI"). NSI will purchase the Bonds in an arm's-length <br />commercial transaction with the County. <br />3. The Finance Director and the City Administrator are hereby authorized to approve the <br />sale of the Certificates in an aggregate principal amount not to exceed $675,000 and to <br />execute a bond purchase agreement for the purchase of the Certificates, provided the True <br />Interest Cost ("TIC") does not exceed 3.75%. <br />4. NSI is authorized to prepare and distribute an offering document related to the sale of the <br />Bonds. <br />5. Upon approval of the sale of the Certificates by the Finance Director and the City <br />Administrator, the City Council will take action at its next regularly scheduled meeting <br />thereafter to adopt the necessary approving resolutions as prepared by the City's bond <br />counsel. <br />6. If the Finance Director and the City Administrator have not approved the sale of the <br />Certificates and executed the related bond purchase agreement by December 31, 2013, <br />this resolution shall expire. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />, and upon vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />and the following abstained: <br />and the following were absent: <br />Whereupon said resolution was declared duly passed and adopted by the Ramsey City Council <br />this 9th day of July 2013. <br />RESOLUTION #13-07-117 <br />