05-04-2010 City Council Minutes - Laserfiche WebLink

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City Council Minutes May 4, 2010 Page 3 of 7 ----------------------------- - - - - -- 12/31/2010. COUNCIL MEMBER SJOBLAD SECONDED THE MOTION. MOTION CARRIED 3 -0. 7. Fire Chief Report Report received by Council. 8. Police Chief Monthly Report Report received by Council. 8.1. Request Adoption of Resolution Authorizing Issuance of Equipment Certificates for the Purchase of Police Squads The Clerk explained that the Chief of Police has been working with Lakes State Bank to fund the purchase of three new police vehicles and one used vehicle. The funding will also cover equipment and installation of equipment and issuance expenses for the general obligation equipment certificates. She stated that under state law the City does not have the authority to finance using conventional financing therefore; we are issuing `-- and selling general obligation equipment certificates for this purpose. The Clerk explained that the resolution the Council is considering has been drafted by Briggs and Morgan. This resolution states that the Equipment Certificates will be in the amount of $115,000 at 5% interest. The principal will be payable annually and interest will be payable semi- annually. The closing will take place on May 12th with Lakes State Bank purchasing the certificates. The Clerk stated that Paul Sandelin has reviewed the Resolution and has been in contact with Mary Ippel of Briggs and Morgan. She stated that the letter from Paul Sandelin explains that this method of financing is typically used when working with a local lender. Paul is recommending that the Council adopt the resolution authorizing the issuance of the Certificate. COUNCIL MEMBER SJOBLAD MOVED TO ADOPT RESOLUTION 10- 13 PROVIDING FOR THE ISSUANCE AND SALE OF $115,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES, SERIES 2010A AND LEVYING A TAX FOR THE PAYMENT THEREOF. COUNCIL MEMBER RYAN SECONDED THE MOTION. MOTION CARRIED 3 -0. 9. Public Works M