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FC Case #1 <br />AUTHORIZATION OF THE ISSUANCE AND AWARDING THE SALE OF <br />$790,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF <br />INDEBTEDNESS, SERIES 2007A <br />By: Diana Lund, Finance Officer <br />Background: <br />On December 21, 2006 City Council authorized as part of the 2007 levy and budget, that <br />capital equipment would be fielded partially through the issuance of capital equipment <br />certificates. The amount of the certificates to be issued is $790,000. A listing of the <br />2007 budgeted capital items to be purchased is attached. <br />At its regular meeting of January 23, 2007, City Council passed a resolution authorizing <br />the sale of $790,000 General Obligation Equipment Certificates. <br />The terms and conditions of the Capital Equipment Certificates of Indebtedness are <br />attached. A resolution needs to be adopted by Council confirming the sale. <br />• Funding Source: <br />These certificates will be paid back over a period of five years with a yearly debt service <br />levy. The certified levy amount for 2007 payable was $189,257. <br />Recommendation: <br />Staff recommends that Council adopt Resolution #07- 02 -XXX authorizing the issuance <br />and awarding the sale of $790,000 General Obligation Equipment Certificates of 2007. <br />Council Action: <br />Adopt Resolution #07- 02 -XXX authorizing the issuance and awarding the sale of <br />$790,000 General Obligation Equipment Certificates of 2007. <br />Review By: Interim City Administrator <br />• FC: 2/13/07 <br />-187— <br />