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Last modified
7/17/2007 8:35:38 AM
Creation date
12/2/2004 8:25:48 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8955
Resolution Title
Authorizing the issuance and sale of $250,000 Equipment Certificates of Indebtedness (Series 1993)
Resolution Date Passed
6/29/1993
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<br />RESOLUTION NO. 8955 <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE <br />AND SALE OF $250,000 EQUIPMENT <br />CERTIFICATES OF INDEBTEDNESS (SERIES <br />1993) <br /> <br />BE IT RESOLVED By the City Council of the City of Roseville, <br />Ramsey County, Minnesota, as follows: <br /> <br />Section 1. Background: Findings. <br /> <br />1.01. The City is authorized by Minnesota Statutes, Section <br />412.301 (Act) to issue and sell its general obligation equipment <br />certificates of indebtedness (Certificates) to provide funds for <br />the purchase of items of capital equipment having a useful life at <br />least as long as the term of the Certificates. The Act permits the <br />City Council to sell the Certificates on such terms and conditions <br />as found desirable by the City Council. <br /> <br />1.02. It is found and determined that the following items of <br />capital equipment (Equipment) have been or will be purchased by the <br />City in the fiscal year 1993: <br /> <br />Playground apparatus <br />Tennis lighting and related equipment <br />Park, benches and picnic equipment <br />Park shelter furnishings <br />Playground furnishings <br />Hockey field and ballfield equipment <br /> <br />$ 10,000 <br />17,500 <br />18,200 <br />33,800 <br />17,500 <br />153,000 <br /> <br />Total <br /> <br />$250,000 <br /> <br />1.03. It is found and determined that it is in the best <br />financial interests of the City that the purchase of the Equipment <br />be financed by the issuance and sale of Certificates as provided by <br />the Act. <br /> <br />1.04. The City will, therefore, issue and sell Certificates <br />in the total principal amount of $250,000 to finance the Equipment <br />costs. <br /> <br />1.05. It is found and determined that there exists within <br />Debt Service Fund 505 (Fund) adequate sums to purchase the <br />Certificates hereby authorized. The City is authorized by <br />Minnesota Statutes, Sections 471.56 and 475.66 to sell the <br />Certificates to the Fund and the City is authorized by those <br />sections to purchase the Certificates as an investment of the Fund. <br /> <br />1.06. It is found and determined that the principal amount of <br />the Certificates to be issued and sold pursuant to this resolution <br />does not exceed 0.25% of the market value of taxable property in <br />the City. <br /> <br />DJK53805 <br />RS200-12 <br /> <br />1 <br />
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