Published on Thursday, 03 January 2013 15:37
RESOLUTION #2012-28RESOLUTION DETERMINING THE NECESSITY TO ISSUE $175,000 TAXABLE GENERAL OBLIGATION EQUIPMENT CERTIFICATES, SERIES 2013AWHEREAS, Minnesota Statutes, Section 412.301 authorizes the issuance of equipment certificates or capital notes within existing debt limits for the purpose of purchasing capital equipment; and
WHEREAS, the statute also provides that if the amount of the certificates to be issued to finance such equipment exceeds 0.25% of the market value of taxable property in the city, excluding money and credits, the certificates shall not be issued for at least ten days after publication in the official newspaper of the city of a council resolution determining to issue the certificates; and, if before the end of that time, a petition asking for an election on the proposition signed by voters equal to ten percent of the number of voters at the last regular municipal election is filed with the city clerk, the certificates shall not be issued until the proposition of their issuance has been approved by a majority of the votes cast on the question at a regular or special election; and WHEREAS, the council contemplates issuing the certificates for said purpose in an amount which exceeds 0.25% of the market value of taxable property in the city, excluding money and credits; and NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Eden Valley (the “City”), as follows: Necessity to Issue the Certificates. It is necessary and expedient for the city council to issue the general obligation certificates, pursuant to Minnesota Statutes, Section 412.301 in the approximate amount of $175,000 for the purpose of financing the purchase of a fire truck (the “Certificates”). The Certificates are in Excess of 0.25% of Market Value. The amount of the Certificates is hereby determined and declared to be in excess of 0.25% of the market value of the City, excluding money and credits. Publication of Resolution and Days to Lapse Before the Certificates are Issued. The Clerk-Treasurer is authorized and directed to publish this resolution in the City’s official newspaper and at least ten days shall elapse after publication before the Certificates may be issued. Passed and approved this 27th day of December, 2012. Peter Korman, Mayor Published in the Tri-County News Thursday, Jan. 3, 2013.