Resolution 1373 - Laserfiche WebLink

Home Browse Search

-. "', ~. i '" ,. . ... , RESOLUTION NO. 1373 STATE OF l-UNNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON t RESOLUTION AU~ORIZtNG ISSUANCE OF $49,286.84 CERTIFICATE OF INDEBTEDNESS, PRESCRIBING THE FORM AND DETAILS THEREOF, AND LEVYING TAXES FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council of the City of New Brigh~, Minnesota as follows: 1. It is hereby found and determined that it is necessary and expedient fot the city to issue a Certificate of Indebtedness in the amount of $49,286.84 for the purpose of financing the purchase of equipment, in accordance with the provisions of Minne~a Statutes, Section 412.301; that the assessed valuation of the city for the year 1974 is $56,853,305, that the amoun t of the certificate to be ussued is within 1% of the assessed valuation of the city and there are no other certificates of indebtedness outstanding isaued pursuant to said Section 412.301 and that the sale of said certificate to the Sewer Connection Account of the Water and Sewer Fund of the City of New Brighton, Minnesota, on terms hereinafter set forth, is fair and reasonable and should be and is hereby ordered. 2. The city shall issue its general obligation Certificate of Indebtedness in the amount of $49,286.84 authorized by the Council purusant to the provisions of Minnesota Statutes, Section 412.301, for the purpose of financing the purchase of fire equip- men t . Said certificate shall be dated on or about February 1, 1975, bear interest at the rate of 5% per annum:,payable on December 31, 1975 and December 31, 1976 in equal installments of $24,643.42 in each of the years 1975 and 1976, without the option of prior payment. Said certificate shall be payable to th~ sewer connection account of the water and sewer_fund of the City of New Brighton. 3. Said Certificate shall be in substantially the followin~ form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON CERTIFICATE OF INDEBTEDNESS NOW ALL MEN BY THESE PRESENTS that the City of New Brighton, Ramsey County, Minnesota, hereby acknowledges itself to be indebt~d and for values received promises to pay to the Sewer Connection Account of the City of New Brighton on order, the sum of Forty Ni.le Thousand Two Hundred Eighty Six Dollars and Eighty-four Cents in annual installments of $24,643.42 on December 31, 1975 and December 31, 1976, without option of prior payment, and the City promises to pay interest on the unpaid balance of the principal a: this certificate at the rate of five per cent per annum from February 1 , 1975 payable on December 31, 1975 and December 31, if 1976. Both principal and interest on this Certificate are payablOl in any coin or currency of the United States of America which on the respective dates of payment is legal tender for public and private debts, at the office of the City of New Brighton, Minn. , , and for the prompt payment of said prihCipal and interest, as the same respectively fall due, the full faith, credit and taxing powers of the said city have been and are hereby irrevocably I pledqed.