Laserfiche WebLink
RES OLUTION N0.84-112 <br /> <br /> RESOLUTION AWARDING THE SALE OF $90,000 <br />GENERAL OBLIGATION EQUIPMENT C~RTIFICATES, SERIES 1984 <br /> FIXING THE FORM AArD SPECIFICATIONS <br /> THEREOF; A~D PROVIDING FOR THEIR PAYMENT <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMS~, ANOKA <br />COLR~TY, MINNESOTA (CITY), as follows: <br /> <br />Section 1. Findings. <br /> <br /> 1.01. The City is authorized by Minnesota Statutes Section <br />412.301 (Act) to issue and sell its certificates of indebtedness on such <br />terms and in such manner as the City determines to provide funds to finance <br />the purchase of items of capital equipment, subject to certain limitations <br />contained in the Act. <br /> <br /> 1.02. It is hereby determined that the City is in need of vari- <br />ous items of capital equipment (Equipment), which items and the estimated <br />cost thereof, are listed on Exhibit 1, attached hereto and made a part <br />hereof. It is declared to be the intention of this Council to purchase the <br />items of Equipment for the estimated costs listed on Exhibit 1, but this <br />Council reserves the right to substitute other items of Equipment for those <br />listed when, in its judgment, such factors as availability of the Equip- <br />ment, competitive bidding considerations, and the desirability of obtaining <br />alternate Equipment so dictate. <br /> <br /> 1.03. It is further found and determined as required by the Act <br />that the principal amount of notes to be issued will not exceed one percent <br />of the assessed value of the City. <br /> <br /> 1.04. The City shall therefore issue and sell its General <br />Obligation Equipment Certificates, Series 1984 (Certificates) pursuant to <br />the Act to finance the purchase of the Equipment. It is found and deter- <br />mined that it is necessary and desirable to the sound financial management <br />of the City that the Certificates shall be sold and negotiated at private <br />sale and in accordance with the terms hereinafter set forth. <br /> <br /> 1.05. The City is authorized by Minnesota Statutes, Section <br />475.60, Subd. 2(2) to directly negotiat~ the sale of its obligations in an <br />amount not to exceed $300,000 during any three month period. It is found <br />and determined to be necessary and desirable for the City to issue the <br />Certificates pursuant to that section of law. <br /> <br />2 <br /> <br /> <br />