HomeMy WebLinkAboutResolution - 99-8 - Authorizing Issuance & Sale of General Obligation Equipment Certificates of Indebtedness, Series 1999A - 01/05/1999 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
RESOLUTION NO. 99-8
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF GENERAL
OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1999A
NOW THEREFORE, BE IT RESOLVED by the City of Eden Prairie, Minnesota (the
Issuer), as follows:
WHEREAS, Section 1. Purpose. It is hereby determined to be in the best interests of the
Issuer to authorize the issuance and sale of$600,000 General Obligation Equipment Certificates of
Indebtedness, Series 1999A(the Obligations)of the Issuer to finance the costs of acquiring items of
capital equipment(the Project). Said items of capital improvement 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.
WHEREAS, Section 2. Authorization. It is hereby determined to be in the best interests of
the Issuer to issue the Obligations,pursuant to Minnesota Statutes,Sections 410.32 and 412,301 and
Chapter 475 to finance the costs of acquiring the Project. The City Finance Director/Clerk 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/Clerk 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 1998 are hereby approved, ratified and
confirmed.
ADOPTED by the City Council of the City of Eden Prairie this 5th day of January 1999.
an L.Harris,Mayor
ATTEST:
Donald Uram, City Clerk SEAL