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<br />----;:0- <br /> <br />~ <br /> <br />,~ <br />I <br /> <br />I' <br /> <br />RESOLUTION NO_--.21.::,P 0 6 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />,I <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE OF EQUIPMENT CERTIFICATES <br /> <br />II <br /> <br />; <br />Whereas, the 1991 Annllal Bttdget anticipated that equiprnent. certificate;l \-vould 1 <br />be used tor the General Fund's portlon of the fleet replacement program; I <br />I <br />Whereas, the use of equipment certificates \-lith the flee.t program provides thej <br />advantages of an orderly replacement of fleet and equipment; fluctuations in ' <br />the annual tax amount, can be avoided; and, the qreatest cti!10unt ot tJv: ~lener:::il <br />tax base is available for basic services; <br /> <br />Whereas, the USe of equipment certificates is permitted pun;udnt to H. S. <br />412.301; <br /> <br />, <br />;1 <br /> <br />Whereas, the preferred method of issuance of the cert.if:icates is thn)j}~Jh the <br />internal resource of the Closed Bond Fund; <br /> <br />Whereas, the principal amount, of the cert,iEcates \YOuld be $144 ,Q)(?10::\nd the <br />int,erest exp~n8e \-lOuld be $12,100; <br /> <br />Ii <br /> <br />vlhereas, the above interest expense is set, a,t the r;::rte of 8";:; pl,;r annum; <br /> <br />I; <br /> <br />Now, therefore be it resolved that: <br /> <br />1. A single year certificate 5h.3.11 be issued by the City and soh: te; the <br />Closed Bond Fund. <br /> <br />2. The principal amount of the certificate s1l..311 be $144,000 which ~;hall be <br />repaid in a single installment by December 31, 1991. <br /> <br />3. The interest rate on the cert,ifica.te f.;hall be at 8';'0 I)er annum. <br /> <br />4. The proceeds of the sale shall be placed i.nto the Capital Replacement <br />Fund. <br /> <br />\1 <br />1: <br /> <br />- <br />Ac-o-pt,ed' thIs 22nr'! day of January, 1991. <br /> <br /> <br />~...., <br /> <br />A.ttest: <br /> <br />'; <br /> <br />~_rrL~_ <br /> <br />" <br /> <br />~(1rM\./"' <br />I-I~~~"'~ A. Egan <br />Finance Director <br /> <br />David M. Childs, Clty Manager <br /> <br />i! <br /> <br />:I <br /> <br />'i <br />