86-054 RES
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Resolution No. 86-54
RESOLUTION AMENDING RESOLUTION 86-40,
AUTHORIZING THE ISSUANCE OF $105,000 GENERAL OBLIGATION
EQUIPMENT CERTIFICATES, SERIES 1986A
BE IT RESOLVED by the City Council of the City of Elk River,
Minnesota as follows:
Section 1. Preliminary Statement of Facts. By its Resolution
No. 86-40, adopted July 14, 1986, this Council authorized the
issuance of the City's $105,000 General Obligation Equipment
Certificates, Series 1986A (the Certificates). The closing of the
transaction for the issuance and sale of the Certificates has not
yet taken place. Effective August 1, 1986, section 412.301 of the
Minnesota Statutes (the Authorizing Act) was amended to provide that
equipment financed by the issuance of certificates of indebtedness
under that section shall have an expected useful life at least as
long as the term of the Certificates. This Council has been
provided with information regarding the expected useful life of the
equipment to be financed by the Certificates. The maturity date of
the final installment payable on the Certificates, as provided in
Resolution No. 86-40, is February 1, 1991.
Section 2. Determination of Useful Life. It is hereby fou~d
and determined that each of the items of equipment to be financed by
the issuance of the Certificates has an expected useful life
extending beyond February 1, 1991.
section 3. Continuinq Effect of Resolution No. 86-40. Except
as amended hereby, Resolution No. 86-40 of this Council remains in
full force and effect.
The motion for adoption of the foregoing resolutions was duly
seconded by Councilmember Williams . The following
voted in favor of the adoption of such resolution:
Mayor Hinkle, Councilmembers Gunkel, Schuldt, Williams, and Engstrom
and the following voted against the adoption of the proposed
resolution:
None
Whereupon, such resolution was declared duly adopted.
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STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
I, the undersigned, being the duly qualified and acting Clerk of
the City of Elk River, Minnesota, or an appropriate official of the
City authorized to execute this instrument on behalf of the Clerk,
DO HEREBY CERTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on file in my office,
and that the same is a full, true and complete transcript of the
minutes of a meeting of the City Council of the City, duly called
and held on the date therein indicated, insofar as such minutes
relate to the adoption of a resolution amending Resolution 86-40
relating to the issuance of One Hundred Five Thousand Dollars
($10~,000) General Obligation Equipment certificates, Series 1986A
of the city.
WITNESS my hand and seal this 19th day of August, 1986
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Richard Hinkle-j-Mayor
(Seal)
ATTEST:
li}jdPjJ:1~
Patrick D. Klaers, City Administrator
SBS:BW2S
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