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FC Case <br /> <br />REIMBURSEMENT AND CERTIFICATE SALE PERTAINING TO CAPITAL <br /> EQUIPMENT CERTIFICATES OF INDEBTEDNESS <br /> <br />In December of 1999, Council authorized as part of the 2000 levy and budget, that capital <br />equipment would be funded partially through the issuance of capital equipment <br />certificates. The amount of certificates to be issued is approximately $257,000. <br /> <br />Staff is working with Northland Bank to obtain these certificates. The terms and <br />conditions of the Capital Equipment Certificates of Indebtedness are attached. A <br />resolution needs to be adopted by Council confirming the certificate sale to Northland <br />Security Bank. <br /> <br />Council also needs to authorize a reimbursement resolution. Federal law requires the <br />resolution and by having the resolution in place allows the City to "reimburse" itself for <br />any capital equipment purchases made prior (up to 60 days) to the certificate funds being <br />received. <br /> <br />Recommendation: <br /> <br />Staff recommends that Council adopt Resolutions #00-03-XXX and #00-03-XXX <br />confirming the certificate sale to Northland Security Bank and authorizing the City to <br />reimburse itself for any expenditures made prior to the time at which certificate funds are <br />received. <br /> <br />Council Action: <br /> <br />Adopt Resolution #00~03-XXX confirming the sale of Capital Certificates of <br />Indebtedness to Northland Security Bank <br /> <br />and <br /> <br />Adopt Resolution #00-03-XXX authorizing reimbursement of expenditures on capital <br />equipment purchased prior to the receipt of certificate funds. <br /> <br />FC: 03/14/00 <br /> <br /> <br />