EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF CLEARWATER, MINNESOTA
HELD: December 16, 2019
Pursuant to due call and notice thereof, a special meeting of the City Council of the City of Clearwater, Wright County, Minnesota, was duly held at the City Hall on December 16, 2019, at 6:00 o'clock P.M.
The following members were present: Mayor Lawrence. Members Kruchten, Scott, Crandall, and Petty.
and the following were absent: None.
Member Petty introduced the following resolution and moved its adoption:
RESOLUTION 2019-55
RESOLUTION DETERMINING THE NECESSITY TO ISSUE
$810,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2020A
WHEREAS, Minnesota Statutes, Section 412.301, authorizes the council to issue equipment certificates within existing debt limits for the purpose of purchasing capital equipment; and
WHEREAS, said statute also provides that if the amount of the equipment certificates to be issued to finance such equipment exceeds 0.25% of the market value of taxable property in the City, excluding money and credits, the equipment certificates 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 clerk, the equipment certificates 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
WHEREAS, the council proposes to issue the equipment certificates for said purposes in an amount which exceeds 0.25% of the market value of taxable property in the City, excluding money and credits; and
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Clearwater, Minnesota, as follows:
1. That it is necessary and expedient for the City Council to issue General Obligation Equipment Certificates of Indebtedness, Series 2020A, pursuant to Minnesota Statutes, Section 412.301, in the amount of $810,000 for the purpose of financing the acquisition of equipment, including a fire truck for the City of Clearwater (the "Certificates").
2. The amount of the Certificates is hereby determined and declared to be in excess of 0.25% of the market value of taxable property in the City, excluding money and credits.
3. The Interim City Administrator is authorized and directed to publish forthwith this resolution in the official newspaper.
4. At least ten days shall elapse after publication in the official newspaper of this resolution before the Certificates shall be issued.
The motion for the adoption of the foregoing resolution was duly seconded by member Crandall and upon a vote being taken thereon, the following voted in favor thereof: Mayor Lawrence. Members Kruchten, Scott, Crandall, and Petty.
and the following voted against the same: None.
Whereupon the resolution was declared duly passed and adopted.
(Published in the Citizen-Tribune: 12/21/19).
