Resolution - #03-12-329 - 12/09/2003

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE C1TY OF RAMSEY, MINNESOTA HELD: December 9, 2003 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Ramsey, Anoka County, Minnesota, was duly held at the City Hall on December 9, 2003, at '7. {)0 o'clock P.M., for the purpose, in part of authorizing the issuance and awarding the sale of $675,000 General Obligation Equipment Certificates of 2003. The following members were present: and the following were absent: Councilmember Elvig introduced the following resolution and moved its adoption: RESOLTUION #03-12-329 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $675,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF 2003 AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), hereby determines that it is necessary and expedient to issue $675,000 General Obligation Equipment Certificates of 2003 (the "Certificates" or, individually, a "Certificate"), pursuant to Minnesota Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to finance the acquisition of capital equipment for the City (the "Project"); and B. WHEREAS, each item of equipment to be financed by the Certificates has an expected useful life at least as long as the term of the Certificates; and C. WHEREAS, the principal amount of the Certificates does not exceed one-quarter of one percent (0.25%) of the market value of the taxable property in the City ($ times 0.25% is $ ); and D. 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 E. 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, Minnesota, as follows: 1594839vl