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<br />RESOLUTION NO. 9654 <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $147,457 GENERAL <br />OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS (SERIES 1999) <br /> <br />BE IT RESOLVED By the City Council of the City of Roseville, Ramsey County, <br />Minnesota (the "City") as follows: <br /> <br />Section 1. <br /> <br />Background; Findings. <br /> <br />1.01. The City is authorized by Minnesota Statutes, Section 412.301 (the "Act") to issue <br />and sell its general obligation equipment certificates of indebtedness (the <br />"Certificates") to finance the purchase of items of capital equipment having a useful <br />life at least as long as the term of the Certificates. The Act permits the City Council <br />to sell the Certificates on such terms and conditions as found desirable by the City <br />Council. <br /> <br />1.02. It is found and determined that the following items of capital equipment (the <br />"Equipment") have been or will be purchased by the City in the fiscal year 1999: <br /> <br />Police Vehicles <br /> <br />$147,457 <br /> <br />1.03. It is found and determined that is in the best financial interests of the City that the <br />purchase of the Equipment by financed by the issuance and sale of Certificates as <br />provided by the Act. <br /> <br />1.04. The City will, therefore, issue and sell Certificates in the total principal amount of <br />$147,457 to finance the Equipment costs. <br /> <br />1.05. It is found and determined that there exists within Debt Service Fund 524 (the <br />"Fund") adequate sums to purchase the Certificates hereby authorized. The City is <br />authorized by Minnesota Statutes, Chapter 118A, to sell the Certificates to the Fund <br />and to purchase the Certificates as an investment of the Fund. <br /> <br />1.06. It is found and determined that the principal amount of the Certificates to be issued <br />and sold pursuant to this Resolution does not exceed 0.25% of the market value of <br />taxable property in the City. <br /> <br />Section 2. <br /> <br />Issuance and Sale of Certificates. <br /> <br />2.01. The Certificates will be issued by the City and purchased by the Fund. The <br />Certificates will be in the form of a single typewritten Certificate and will mature, <br />bear interest and be subject to redemption and prepayment as provided in the <br />following form of Certificate: <br />2 <br />