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91-42 . . I. RESOLUTION NO. 91-42 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $158,000 EQUIPMENT CERTIFICATES OF INDEBTEDNESS BE IT RESOLVED By the City Council of the City of Chanhassen, Carver and Hennepin Counties, Minnesota (City), as follows: section 1. Backqround: Findinqs. 1.01. The City is authorized by Minnesota Statutes, section 412.301 (Act) to issue and sell its general obligation equipment certificates of indebtedness (Certificates) to provide funds for the purchase of items of capital equipment having a useful life at least as long as the term of the certificates. The Act permits the City Council to sell the certificates on such terms and conditions as found desirable by the City Council. 1.02. It is found and determined that the following items of capital equipment (Equipment) have been or will be purchased by the City in the fiscal year 1991. Estimated 1991 EXDenditures Dump Truck, Plow & S~nder (Replace #101) 3/4 Ton 4 x 4 Pickup (Replace #305) 3/4 Ton Pickup (Replace 1'204) Brush Chipper 60 HP Mowing Tractor $25,000 (Replace Allis: Trade in Tractor, Mower & snowblower) - 6.000 Toro Mower $ 50,000 14,000 14,000 12,000 Total 18,000 50,000 $158,000 1.03. It is found and determined that it is in the best financial interests of the City that the purchase of the Equipment be financed by the issuance and sale of Certificates as provided by the Act. 1.04. The City will, therefore, issue and sell Certificates in the total principal amount of $158,000 to finance the Equipment costs. . . . 1.05. It is found and determined that there exists within General Fund 101 (Fund) adequate sums to purchase the Certificates hereby authorized. The City is authorized by Minnesota statutes, sections 471.56 and 475.66 to sell the certificates to the Fund and the City is authorized by those sections to purchase the Certificates as an investment of the Fund. 1.06. It is found and determined that the principal amount of the certificates to be issued and sold pursuant to the resolution does not exceed 0.25% of the market value of taxable property in the city. Sec. 2. Issuance and Sale of Certificates. 2.01. The Certificates will be issued by the City and purchased by the Fund. The certificates will be in the form of a single typewritte~ Certificate and will mature, bear interest and be sUbject to redemption and prepayment as provided in the following form of Certificate: (Form of certificate) UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTIES OF CARVER AND HENN~PIN CITY OF CHANHASSEN GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF 1991 The City of Chanhassen, Minnesota, a duly organized and existing municipal corporation in Carver and Hennepin Counties, Minnesota (City), acknowledges itself to be indebted and for value received promises to pay to the city of Chanhassen General Fund 101, $158,000 on December 31, 1992, with interest thereon from the date hereof at the annual rate of 5.70% payable at maturity. The interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by the City Manager, Chanhassen, Minnesota, as Certificate Registrar. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the city have been and are hereby irrevocably pledged. The City may elect to prepay this Certificate in whole or in part on any day. This Certificate is issued pursuant to a resolution adopted by the City Council on May 6, 1991 (the ReSOlution), for the purpose of providing money to defray expenses incurred or to be incurred in purchasing various items of capital equipment, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Section 412.301 and the principal hereof and interest hereon are payable primarily from ad . . . . valorem taxes, as set forth in the Resolution to which refer~nce is made for a full statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably pledged for paYment of this certificate, and the City Council has obligated itself to levy additional ad valorem taxes on all taxable property in the City in the event of any deficiency, which taxes may be levied without limitation as to rate or amount. 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 City in accordance with its terms, have been done, do exist, have happened and have been performed as so required, and that the issuance of this Certificate does not cause the indebtedness of the Ci ty to exceed any consti tutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the city of Chanhassen, Carver and Hennepin Counties, Minnesota, by its city council, has caused this Certificate to be executed on its behalf by the facsimile signatures of the Mayor and City Manager and has caused this certificate to be dated as of the date set forth below. Dated: CITY OF CHANHASSEN, MINNESOTA city dl ,QL;D Manager Mayor 2.02. In order to pay the principal of and interest on the Certificate as the same respectively become due, it is found and determined that the City Council has heretofore levied a direct irrepealable ad valorem tax (taxes) in the amount of $310,758 on all of the taxable property in the city and that the Taxes will provide at least 5% in excess of the amount needed to pay such principal and interest at maturity. The Taxes are pledged to the paYment of the certificate and are to be deposited to a special certificate of 1991 Fund hereby created for that purpose and no other. 2.03. The proceeds of the Certificate are to be deposited in Equipment Replacement Fund 209. Sec. 3. Miscellaneous. 3.01. The Certificate is to be executed on behalf of the city by the Mayor and City Manager. The Treasurer is authorized and . . . directed to maintain the Certificate as an investment of the Fund and to apply the purchase price to Equipment Replacement Fund 209 to pay the cost of the Equipment. 3.02. The Treasurer is authorized and directed to file a certified copy of this Resolution to the Carver County Auditor and the Director of Property Taxation of Hennepin County, and to obtain the certificates required by Minnesota statutes, section 475.63. Attest: ~ 0 ~//%:.v4U cit: r~asure. CH135-17. Mayor . . . STATE OF MINNESOTA COUNTY OF CARVER COUNTY AUDITOR'S CERTIFICATE AS TO TAX LEVY AND REGISTRATION I, the undersigned County Auditor of Carver County, Minnesota, hereby certify that a certified copy of a resolution adopted by the governing body of Chanhassen, Minnesota, on May 6, 1991, levying taxes for the payment of $158,000 Equipment certificates of Indebtedness of 1991, of said municipality dated May 6, 1991, has been filed in my office and said bonds have been entered on the register of obligations in my office and that such tax has been levied as required by law. WITNESS My hand and official seal this 1991 . day of County Auditor Carver County, Minnesota (SEAL) By: Deputy CH135-17. . COUNTY OF HENNEPIN DIRECTOR OR PROPERTY TAXATION'S CERTIFICATE AS TO TAX LEVY AND REGISTRATION STATE OF MINNESOTA I, the undersigned Director of Property Taxation of Hennepin County, Minnesota, hereby certify that a certified copy of a resolution adopted by the governing body of Chanhassen, Minnesota, on May 6, 1991, levying taxes for the payment of $158,000 Equipment Certificates of" Indebtedness of 1991, of said municipality dated May 6, 1991, has been filed in my office and tit said bonds have been entered on the register of obligations in my office and that such tax has been levied as required by law. WITNESS My hand and official seal this 1991. day of Director of Property Taxation Hennepin County, Minnesota (SEAL) By Deputy 4It CH135-17.