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r <br />REQUEST FOR COUNCIL ACTION <br />DATE: February 24,2003 <br />ITEM NO: / 7 <br />Department Approval: <br />Name Tom Kuehn <br />Title Finance Director <br />Administrator Reviewed:Agenda Section: <br />City Administrator's <br />Report <br />Item Description: Bid Award for Equipment CertiGcates Sale - Resolution <br />The 2003 General Fund Budget includes expenditures for police vehicle replacements. <br />Because the City’s property tax levy is at the levy limit, the source of a portion of funding <br />for the equipment replacement was limited to either the use of General Fund reserves or <br />the use of Equipment Certificates, which is a short term note. Because the City’s General <br />Fund reserves are at a minimal level, equipment certificates are being used to fund the <br />vehicle replacement expenditures. The City has requested bids from six local banks for a <br />one-year equipment certificate note in the amount of $75,000. Since the bid deadline was <br />set for Friday, February 21,2003 at 4:30 p.m., a bid tabulation and resolution to award <br />the equipment certificate to the low bidder will be provided at the Council meeting. <br />COUNCIL ACTION REQUESTED: <br />Motion to adopt Resolution #A Resolution Awarding the Sale of $75,000 <br />General Ooligation Equipment Certificates of Indebtedness, Series 2003, accepting the <br />bid proposal of Anchor Bank, N.A., Wayzata, to purchase the certificates bearing an <br />interest rate of 1.40% per annum at a bid price of par plus accrued interest, if any, to be <br />dated March 17,2003. <br />Woed PtffMrTo«M«na4.'4iuKil AoiaaM»'f4ui,C<i1 Me apd <br />4