03-055 - Laserfiche WebLink

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.. t: (a) the City is authorized by Minnesota Statutes, Section 412.301 (the Act) to issue its general obligation certificates of indebtedness (Certificates) on such terms and in such manner as the City determines to finance the purchase of items of capital equipment (Equipment), subject to certain limitations contained in the Act; (b) the City has purchased or intends to purchase various items of Equipment, which items and the estimated cost thereof, are listed on Exhibit B, attached hereto and made a part hereof; (c) as required by the Act, (i) the expected useful life of each item of Equipment is or will be at least as long as the term ofthe Certificates; and (ii) the principal amount of Certificates to be issued in the year 2003 will not exceed 0.25 percent of the market value of taxable property in the City for the year 2003; (d) it is necessary and expedient for the City to issue its Certificates for the purchase of Equipment and related expenses as follows: (e) it is necessary and expedient to the sound financial management of the affairs of the City to issue $1,360,000 General Obligation Equipment Certificates of Indebtedness, Series 2003B pursuant to the Act to provide financing for the Equipment. 2. To provide financing for the Equipment, the City will therefore issue and sell Certificates in the amount of $1,349,120. To provide in part the additional interest required to market the Certificates at this time, additional Certificates will be issued in the amount of $10,880. The excess ofthe purchase price of the Certificates over the sum of $1 ,349,120 will be credited to the debt service fund for the Certificates for the purpose of paying interest first coming due on the additional Certificates. The Certificates will be issued, sold and delivered in accordance with the terms of the following Terms of Proposal: