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RESOLUTION NO. 8773 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $250,000 EQUIPMENT CERTIFICATES OF INDEBTEDNESS (SERIES 1991) BE IT RESOLVED By the City Council of the City of Roseville, Ramsey County, Minnesota, as follows: Section 1. Background: Findinqs. 1.01. The City is authorized by Minnesota Statutes, Section 412.301 (Act) to issue and sell its general obligation equipment certificates of indebtedness (Certificates) to provide funds for the purchase of items of capital equipment having a useful life at least as long as the term of the Certificates. The Act permits the City Council to sell the Certificates on such terms and conditions as found desirable by the City Council. 1.02. It is found and determined that the following items of capital equipment (Equipment) have been or will be purchased by the City in the fiscal year 1992: Total $ 21,700 17,500 29,000 7,800 80,000 94,000 $250,000 Playground apparatus Tennis lighting and related equipment Park benches and picnic equipment Park shelter furnishings Lighting equipment Hockey field and ballfield equipment 1.03. It is found and determined that it is in the best financial interests of the City that the purchase of the Equipment be financed by the issuance and sale of Certificates as provided by the Act. 1.04. The City will, therefore, issue and sell Certificates in the total principal amount of $250,000 to finance the Equipment costs. 1.05. It is found and determined that there exists within Debt Service Fund 505 (Fund) adequate sums to purchase the Certificates hereby authorized. The City is authorized by Minnesota Statutes, Sections 471.56 and 475.66 to sell the Certificates to the Fund and the City is authorized by those sections to purchase the Certificates as an investment of the Fund. 1.06. It is found and determined that the principal amount of the Certificates to be issued and sold pursuant to this resolution does not exceed 0.25% of the market value of taxable property in the City. DJ1t27264 RS200-9 1