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HomeMy WebLinkAboutResolution - 93-106 - General Obligation Equipment Certificates of Indebtedness - $550,000 - 05/18/1993 CITY OF EDEN PRAEM is HENNEPIN COUNTY, MINNESOTA RESOLUTION NO.9 3 — 9 0 6 RESOLUTION RELATING TO GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS; AUTHORIZING THE ISSUANCE AND PROVIDING THE FORM THEREOF BE IT RESOLVED by the City Council of the City of Eden Prairie, Minnesota (the "City"), as follows: Section 1. Authorization. It having been determined to be necessary and expedient, this Council hereby authorizes the sale and issuance of its General Obligation Equipment Certificates of Indebtedness, Series 1993-19 in a principal amount not to exceed $550,000 (the "Certificates"), to finance the cost of acquiring capital equipment. The Certificates shall be issued pursuant to Minnesota Statutes, Section 412.301 and Chapter 475 and shall be general obligations of the City, payable from ad valorem taxes heretofor levied on all taxable property in the City. Section 2. Sale. Pursuant to Minnesota Statutes, Section 124.76, the requirements as to public sale do not apply to the issuance of certificates under certain circumstances. The Certificates shall be and hereby are sold to the Investment Fund of the City. Section 3. Form of Certificates. The Certificates shall be printed in substantially the form attached hereto as Exhibit A. C t Mayor Attest: 95�� Financ hector/City Clerk . EXHIBIT A UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF EDEN PRAIRIE GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1993-1 No. R-1 Date of Rate Maturi1y Original Issue 4.0% May 18, 1993 May 18, 1993 REGISTERED OWNER: CITY OF EDEN PRAIRIE, NQNNESOTA PRINCIPAL AMOUNT: FIVE HUNDRED FIFTY THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Eden Prairie, Hennepin County, Minnesota (the Issuer), acknowledges itself to be indebted and hereby promises to pay to the registered owner named above, or registered assigns, the principal amount specified above on the maturity date specified above, without option of prior payment, with interest thereon from the date hereof at the annual rate specified above, payable on May 18, 1993, to the person in whose name this Certificate is registered at the close of business on the 15th day (whether or not a business day) of the immediately preceding month. The interest hereon and, upon presentation and surrender hereof at the principal office of the Registrar hereinafter designated, the principal hereof are payable in lawful money of the United States of America by check or draft by the City of Eden Prairie, Minnesota, as Registrar, Transfer Agent and Paying Agent, or its designated successor under the Resolution described herein (the Registrar). For the prompt and full payment of such principal and interest as the same respectively become due, the full faith, credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. This Certificate is an issue in the aggregate principal amount of $550,000, issued pursuant to a resolution adopted by the City Council on May 18, 1993, (the Resolution), to finance the acquisition of capital equipment, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Section 412.301 and Chapter 475. The Certificates of this series are issuable only in fully registered form, in denominations of$5,000 or any multiple thereof, of single maturities. As provided in the Resolution and subject to certain limitations set forth therein, this Certificate is transferable upon the books of the Issuer at the principal office of the Registrar, • by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Certificates of other authorized denominations. Upon such transfer or exchange the Issuer will cause a new Certificate or Certificates to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The Issuer and the Registrar may deem and treat the person in whose name this Certificate is registered as the absolute owner hereof, whether this Certificate is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the Issuer nor the Registrar shall be affected by any notice to the contrary. This Certificate has not been designated by the Issuer as a "qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, relating to disallowance of interest expense deductions for financial institutions. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Certificate in order to make it a valid and binding general obligation of the Issuer in accordance with its terms, have been done, do exist, have happened and have been performed as so required; that, prior to the issuance hereof, the Issuer has levied ad valorem taxes on all taxable property, which taxes will be collectible for the years and in amounts sufficient to produce sums not less than 5% in excess of the principal of and interest on the Certificates of this issue when due, and has appropriated such taxes to the payment of such principal and interest; and that the issuance of this Certificate does not cause the indebtedness of the Issuer to exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Eden Prairie, Hennepin County, Minnesota, by its City Council, has caused this Certificate to be executed by the facsimile signatures of the Mayor and the City Manager and has caused this Certificate to dated as of May 18, 1993. Mayor Attest: City Manager