Resolution - #04-12-373 - 12/14/2004

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF RAMSEY, MINNESOTA HELD: DECEMBER 14, 2004 t'ursuant to clue call and notice thereof, a regular or special meeting of the City Council {)l' thc (~ity of Ramsey, Anoka County, Minnesota, was duly held at the City Hall on I)ccembcr 14, 2004, at __ P.M., for the purpose, in part, of authorizing the issuance and awa|'di ng the sale of $345,000 General Obligation Equipment Certificates of Indebtedness, Series 2004B. The following members were present: thc Iblloxving were absent: M ember Elvig introduced the following resolution and moved its adoption: RESOLUTION #04-12-373 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $345,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2004B AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, thc City of Ramsey, Minnesota (the "City"), hereby determines and dcclarc.~ that it is necessary and expedient to issue $345,000 General Obligation Equipment ('cvti l~catcs of Indebtedness, Series 2004B of the City (the "Certificates"), pursuant to Mi~mesota Statuto,~;, Chapter 475 and Minnesota Statutes, Section 412.301, to finance the purchase of various equipment for the City (the "Equipment"); and WHEREAS, each item of equipment to be financed by the Certificates has an expected uscful life at least as long as the term of the Certificates; and ( ~. WHEREAS, the principal amount of the Certificates to be issued does not exceed onc-quadcr of one percent (0.25%) of the market value of the taxable property in the City (?-; I ,460,482,300 times 0.25% is $3,651,206); and I). WHEREAS, the Certificates are being sold pursuant to a private sale as permitted by Minnesota Statutes, Sections 412.301 and 475.60, Subdivision 2(1); and ti. WHEREAS, it is in the best interests of the City that the Certificates be issued in book-entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, M/nne~.~ota, as Follows: