City of Ely Resolution 2008-32

RESOLUTION 2008-32<BR><BR>RESOLUTION DETERMINING THE NECESSITY TO ISSUE NOT TO EXCEED $740,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2008A<BR><BR>WHEREAS, Minnesota Statutes, Section 412.301, authorizes the council to issue equipment Certificates of Indebtedness within existing debt limits for the purpose of purchasing a fire truck; and<BR><BR>WHEREAS, said statute also provides that if the amount of the equipment Certificates of Indebtedness to be issued to finance such equipment exceeds 0.25% of the market value of taxable property in the City ($443,826.50), the equipment Certificates of Indebtedness shall not be issued for at least ten days after publication in the official newspaper of a council resolution determining to issue them; 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 Deputy Clerk, the equipment Certificates of Indebtedness 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<BR><BR>WHEREAS, the council proposes to issue the equipment Certificates of Indebtedness for said purposes in an amount which exceeds 0.25% of the market value of taxable property in the City; and<BR><BR>NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Ely, Minnesota, as follows:<BR><BR>1. That it is necessary and expedient for the City Council to issue General Obligation Equipment Certificates of Indebtedness, Series 2008A, pursuant to Minnesota Statutes, Section 412.301, in an amount of not to exceed $740,000 for the purpose of financing the acquisition of capital equipment (the "Certificates of Indebtedness").<BR><BR>2. The amount of the Certificates of Indebtedness is hereby determined and declared to be in excess of 0.25% of the market value of taxable property in the City.<BR><BR>3. The Deputy Clerk is authorized and directed to publish this resolution in the official newspaper of the City.<BR><BR>4. At least ten days shall elapse after publication in the official newspaper of the City of this resolution before the Certificates of Indebtedness may be issued.<BR><BR>Adopted this 19th day of August, 2008. <BR><BR>Charles J. Novak<BR><BR>Mayor<BR><BR>Terri Boese<BR><BR>Clerk-Treasurer<BR><BR>Ely Echo 8/23/2008