HomeMy WebLinkAboutResolution - 2001-180 - Issuance and Sale of $890,000 General Equipment Certificates of Indebtedness, Series 2002 for Public Safety Vehicles - 12/04/2001 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,NIINNESOTA
RESOLUTION NO. 2001-180
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF GENERAL
OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS
BE IT RESOLVED by the City Council of the City of Eden Prairie,Minnesota(the
Issuer), as follows:
Section 1. Purpose. It is hereby determined to be in the best interests of the Issuer to
authorize the issuance and sale of$890,000 General Obligation Equipment Certificates of
Indebtedness (the Obligations) of the Issuer to finance the costs of acquiring items of capital
equipment(the Project). Said items of capital equipment have a useful life not less than the term
of the Obligations. The principal amount of the Obligations does not exceed.25 percent of the
market value of taxable property in the Issuer.
Section 2. Authorization. It is hereby determined to be in the best interests of the Issuer
to issue the Obligations,pursuant to Minnesota Statutes, Section 412.301 and Chapter 475 to
finance the costs of acquiring the Project. The City Finance Director is hereby authorized and
directed to solicit one or more proposals for the purchase of the Obligations, and to present such
proposal or proposals to this Council at a subsequent Council meeting for approval. The Finance
Director is authorized, if he deems it necessary,to retain the Issuer's financial consultant to assist
in the solicitation of the proposals. The actions of the Issuer's staff in making an anticipatory
levy for the Obligations for collection in 2002 are hereby approved,ratified and confirmed.
ADOPTED by the Eden Prairie City Council this 4th day of December,2001.
*eanL. ris,Mayor
ATTEST:
4- M02 )� —A—.-
K thleen Porta, City Clerk