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RESOLUTION #02-12-317 <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br /> RAMSEY, MINNESOTA <br /> HELD: December 10, 2002 <br /> <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of <br />the City of Ramsey, Anoka County, Minnesota, was duly held at the City Hall in said City on <br />Tuesday, the l0th day of December, 2002, at7: 00o'clock __P.M., for the purpose, in part, of <br />authorizing the issuance of, and awarding the sale of, $295,000 General Obligation Capital <br />Equipment Certificates of Indebtedness, Series 2002A of the City. <br /> <br />Mayor <br /> <br /> The following members were present: <br /> <br />Gamec, Councilmember Zimmerman, Councilmember Kurak, <br /> and Councilmember Hendriksen <br /> <br />Councilmember Anderson, <br /> <br />and the following were absent: <br /> None <br /> <br /> Member <br />its adoption: <br /> <br />Thomas Gamec <br /> <br />introduced the following resolution and moved <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE <br />OF $295,000 GENERAL OBLIGATION CAPITAL EQUIPMENT <br />CERTIFICATES OF INDEBTEDNESS, SERIES 2002A, <br /> AND LEVYING A TAX FOR THE PAYMENT THEREOF <br /> <br /> A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), <br />has heretofore determined and declared that it is necessary and expedient to issue $295,000 <br />General Obligation Capital Equipment Certificates of Indebtedness, Series 2002A (the <br />"Certificates") of the City, pursuant to Minnesota Statutes, Chapter 475 and Minnesota Statutes, <br />Section 412.301, for the purpose of providing money to finance the acquisition of certain capital <br />equipment for the City (the "Equipment"); and <br /> <br /> B. WHEREAS, the Equipment has an expected useful life at least as long as the <br />final maturity of the Certificates; and <br /> <br />C. WHEREAS, the City has no outstanding certificates of indebtedness; and <br /> <br /> D. WHEREAS, the amount of the Certificates to be issued does not exceed one- <br />quarter of one percent (0.25%) of the market value of the taxable property in the City; and <br /> <br /> E. WHEREAS, the Certificates are being sold pursuant to a private sale as <br />permitted by Minnesota Statutes, Sections 412.301 and 475.60, Subdivision 2(1); and <br /> <br />1479134vl <br /> <br /> <br />