BY COUNCILOR NESS:
BE IT RESOLVED, by the city council (the council) of the city of Duluth, Minnesota (the city), as follows:
Section 1. Under and pursuant to the provisions of Minnesota Statutes, Sections 410.32 and 412.301 and Minnesota Statutes, Chapter 475, and the City Charter, the city is authorized to issue its general obligation capital equipment certificates of indebtedness to provide funds to purchase capital equipment having an expected useful life at least as long as the term of the certificates of indebtedness.
Section 2. The city council declares the intent of the city to issue certificates of indebtedness in 2004 in the amount of approximately $1,355,000 to finance the purchase of capital equipment authorized by the act. The capital equipment to be financed includes those items of equipment set forth on the list (Public Document No. __________) previously authorized for purchases in the 2004 capital equipment budget and those items expected to be purchased in 2005, which items may only be a portion of the capital equipment authorized to be purchased in 2005.
Section 3. The terms and conditions of the certificates of indebtedness and the sale thereof shall be established by further resolution of the council.
STATEMENT OF PURPOSE: This resolution states the city’s intent to issue general obligation equipment certificates of indebtedness, Series 2004, to finance the purchase of capital equipment. There was $660,000 in equipment purchases authorized with the 2004 budget process. The $665,000 is for a portion of the anticipated 2005 capital equipment budget to be approved by council with the 2005 budget process scheduled for December.