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~' . c ~ \ . RESOLUTION NO. 1769 STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON RESOLUTION AUTHORIZING ISSUANCE OF $58,725.00 CERTIFICATE OF INDEBTEDNESS, PRESCRIB ING THE FORM AND DETAILS THEREOF, AND LEVYING TAXES FOR THE PAYMENT THEREOF. BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota as follows: 1. It is hereby found and determined that it is necessary and expedient for the City to issue a Certificate of Indebtedness in the amount of $58,725.00 for the purpose of financing the purchase of equipment" in accordance with the provisions of Minnesota Statutes, Section 412.301; that the assessed valuation of the City for the year 1977 is $72,722,704.00; that the amount of the Certificate to be issued is within 1% of the assessed valuation of the City and there arena other certificates of indebtedness outstanding issued pursuant to said, Section 412.301 except $63,878.42 balance of previously issued Certificate of Indebtedness which togabhe~~with this cerSificate does not exceed Limitations set out by Statute and that the sale of said certificate to 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 obligationcCertificate of Indebtedness in the amount of $58,725.00 authorized by the Council pursuant to the provisions of Minnesota Statutes, Section 412.301, for the purpose of financing the purchase of fire, police and street equipment. Said certificate shall be dated on or about December 28, 1976, bear interest at the rate of 5% per annum payable on December 28, 1977 and December 28, 1978 in equal installments of $29,362.50 in each of the years 1977 and 1978, with the option of prior payment. Said certificate shall be payable to the Water and Sewer Fund of the City of New Brighton. 3. Said Certificate shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY EITY OF NEW BRIGHTON CERTIFICATE OF INDEBTEDNESS KNOW ALL MEN BY THlsE PRESENTS that the City of New Brighton, Ramsey, County, Minnesota, hereby acknowledges itself to be indebted and for values received promises to pay to the Water and Sewer Fund of the City of New Brighton , on order the2sum of Fifty Eight Thousand-Seven Hundred Twenty Five Dollars and no cents in annual installments of $29,362.50 on December 28" 1977 and December 28, 1978, with op,tion of prior payment, and the principal of this certificate at the rate of five percent per annum from December 28, 1976 payable on December 28, 1977 and December 28, 1978. Both principal and interest on this Certificate are payable in any coin or currency of the United States of America which on the respective date of payment is legal tender for public and private debts, at the office of the . .