HomeMy WebLinkAbout1992-065 CCR1
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(DDDECI)
Member Dave Rosene
resolution and moved its adoption:
RESOLUTION NO. 92 -65
introduced the following
RESOLUTION AWARDING SALE OF $480,000 GENERAL
OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS
OF 1992, 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 $480,000 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, $480,000 General Obligation Equipment Certificates of Indebtedness
of 1992 of the City (the "Certificates bearing interest at the rate of 8.00%
per annum, at a price of $480,000 plus accrued interest and on the terms set
forth herein.
3. The certificates shall be in the aggregate principal amount of
$480,000, shall be dated January 1, 1992, interest payable December 31, 1992
and annually thereafter on December 31 in each year and shall mature serially
on December 31 in the years and amounts as follows:
$160,000 in 1992,
$160,000 in 1993, and
$160,000 in 1994.
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 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.
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RESOLUTION NO.
7. The City has heretofore levied a tax collectible in 1992 in the
amount of $198,000 which is sufficent to pay principal and interest due December
31, 1992 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:
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.
ATTEST:
April 13, 1992
Date
92 -65
Year Collectible Amount of Levy
1993 $185,200
1994 172,400
Pal.■
Deputy Clerk
Todd Paulson, Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by member Philip Cohen and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Dave Rosene, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.