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1998-12-07 Packet
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1998-12-07 Packet
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12./02/98 17:43 CIRCLE PINES — LEXINGTON POLICE a 612 429 862 908 <br /> sENr BY: 11- 30 -00 : 1' ; ;C3 Anoka Cuuniy Atty— 012 785 2650;* 7:1J <br /> Anoka Coaau Canvut Na, <br /> the debt does riot exceed 0,25 percent of the market value of taxable property in the City) to <br /> Finance capita: equipment including public safety and data processing equipment, and <br /> WHEREAS, Minn. Stat. 471.59 provides for Oe joint exercise of common or similar <br /> powers by gcvernmental units, and also provides that a ¢aunty' may perform on behalf of another <br /> govefnnantal unit any service or function which that unit would be authorized to provide fo,- <br /> itself; and <br /> WHEREAS, the purpose of this Agreement is to provide for t11e join? financing of the <br /> System and to provide for the sharing of the ongoing costs of the System; <br /> NOW, THEREFORE, by virtue of the powers granted by law and in consideration of the <br /> mutual covenants and agreements of the parties hereto, it is agreed as follows; <br /> SECTION ONE <br /> FINANCING OF CAPITAL COSTS <br /> inc County wilI acquire the System in accordance with laws applicable to the County. In <br /> ordc- to finance the initial acquisition and installation costs of the System and allocable legal and <br /> friancing costs that in the aggregate eeual S (the "Capital Costs the <br /> Country will issue S in aggregate principal amount of General Obligation <br /> Capital Notes, Series 1998C (the "Notes"). Disbursement and ace¢ -anting of the proceeds of the <br /> Notes shall be governed by the County's resc;140n authorizing the issuance of the Notes. The <br /> parties hereto recognize that the System includes certain upgrades to existing computer hardware <br /> owned by the respective Cities ;the "Ciry Equipment "), Title to any City Equipment inc:uded in <br /> the System will be conveyed by the County to the applicable City. All other elements of the <br /> '2- <br />
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