HomeMy WebLinkAbout1993-123 CCR1
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Member Celia Scott introduced the following
resolution and moved its adoption:
RESOLUTION NO. 93 -123
RESOLUTION AWARDING SALE OF $120,000 GENERAL
OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS
OF 1993, FIXING FORM AND TERMS THEREOF AND
PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED by the City Council of the City of Brooklyn
Center, Minnesota, as follows:
1. It is hereby determined to be necessary and expedient
that the City issue and sell equipment certificates in the amount of
$120,000 pursuant to Section 412.301, Minnesota Statutes, for the
purpose of purchasing capital equipment.
2. Such obligations may be sold without a public sale
pursuant to Section 475.60, Subd. 2(2), Minnesota Statutes.
Accordingly, the City shall purchase for its Investment Trust Fund,
from amounts therein not needed prior to maturity, $120,000 General
Obligation Equipment Certificates of Indebtedness of 1993 of the City
(the "Certificates bearing interest at the rate of 8.00% per annum,
at a price of $120,000 plus accrued interest and on the terms set forth
herein.
3. The certificates shall be in the aggregate principal
amount of $120,000, shall be dated January 1, 1993, interest payable
December 31, 1993 and annually thereafter on December 31 in each year
and shall mature serially on December 31 in the years and amounts as
follows:
$40,000 in 1993,
$40,000 in 1994, and
$40,000 in 1995.
4. The Certificates shall be payable upon presentation at
the office of the City Director of Finance, in Brooklyn Center,
Minnesota.
5. The Certificates shall be prepared under the direction
of the City Clerk and when so prepared shall be executed on behalf of
the City by the manual signatures of the Mayor and the City Manager,
under its official seal.
6. There is hereby created a separate debt service fund for
said Certificates, which shall be held by the Director of Finance and
used for no other purpose than to pay principal of and interest on said
Certificates, provided, that, if any payment of principal or interest
shall become due when there is not sufficient money in said fund to pay
the same, the Director of Finance shall pay such principal or interest
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RESOLUTION NO. 93 -123
from the General Fund of the City, and said General Fund shall be
reimbursed for such advances out of the proceeds of the taxes
heretofore levied as described below or other moneys appropriated by
the City Council for such purpose. Into said debt service fund shall
be paid all proceeds of such taxes levied and such other moneys as may
be received by the City for the purpose of or appropriated to the
payment of said certificates and interest.
7. The City has heretofore levied a tax collectible in 1993
in the amount of $49,600 which is sufficient to pay principal and
interest due December 31, 1993 and there is hereby levied upon all the
taxable property in the City a direct annual ad valorem tax which shall
be spread upon the tax rolls and collected with and as a part of other
general taxes of the City, which tax is in the years and amounts as
follows:
ATTEST:
Year Collectible
August 9, 1993
1994
1995
\z indAti),(
Deputy Clerk
Amount of Levy
$46,400
43,200
"Each of said levies shall be irrepealable, but the City reserves the
right to reduce said levies in the manner and to the extent permitted
by law.
Date Todd Paulson, Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by member Kristen Mann and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, Barb Kalligher, and Kristen Mann;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.