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<br />RESOLUTION NO. 8666 <br /> <br />RESOLUTION AUTHORIZING THE <br />ISSUANCE AND SALE OF $250,000 <br />EQUIPMENT CERTIFICATES OF INDEBTEDNESS <br /> <br />BE IT RESOLVED By the City Council of the City of Roseville, Ramsey <br />County, Minnesota, as follows: <br /> <br />Section 1. Background: Findings. <br /> <br />1.01. The City is authorized by Minnesota Statutes, Section 412.301 <br />(Act) to issue and sell its general obligation equipment certificates of <br />indebtedness (Certificates) to provide funds for the purchase of items of <br />capital equipment having a useful life at least as long as the term of the <br />Certificates. The Act permits the City Council to sell the Certificates on <br />such terms and conditions as found desirable by the City Council. <br /> <br />1.02. It is found and determined that the following items of capital <br />equipment (Equipment) have been or will be purchased by the City in the <br />fiscal year 1991. <br /> <br />Playground apparatus <br />Tennis lighting and related equipment <br />Park Benches and picnic equipment <br />Wading pool equipment <br />Irrigation equipment <br />Park shelter furnishings <br />Lighting equipment <br />Hockey field and ballfield equipment <br /> <br />$ 20,000 <br />20,000 <br />21,200 <br />6,000 <br />12,000 <br />31,500 <br />á7,400 <br />91,900 <br /> <br />Total <br /> <br />$ 250,000 <br /> <br />1. 03. It is found and determined that it is in the best financial <br />interests of the City that the purchase of the Equipment be financed by the <br />issuance and sale of Certificates as provided by the Act. <br /> <br />1.04. The City will, therefore, issue and sell Certificates in the <br />total principal amount of $250,000 to finance the Equipment costs. <br /> <br />1.05. It is found and determined that there exists within Debt <br />Service Fund 505 (Fund) adequate sums to purchase the Certificates hereby <br />authorized. The City is authorized by Minnesota Statutes, Sections 471.56 <br />and 475.66 to sell the Certificates to the Fund and the City is authorized <br />by those sections to purchase the Certificates as an investment of the <br />Fu nd . <br /> <br />1.06. It is found and determined that the principal amount of the <br />Certificates to be issued and sold pursuant to the resolution does not <br />exceed 0.25% of the market value of taxable property in the City. <br />