RESOLUTION DETERMINING THE NECESSITY TO ISSUE A $170,000 GENERAL OBLIGATION TEMPORARY CERTIFICATE OF INDEBTEDNESS, SERIES 2013A

RESOLUTION DETERMINING THE NECESSITY TO ISSUE A $170,000 GENERAL OBLIGATION TEMPORARY CERTIFICATE OF INDEBTEDNESS, SERIES 2013A

WHEREAS, Minnesota Statutes, Sections 366.095, and 475.61, Subdivision 5 authorizes the Town Board of the Town of Wrenshall (the "Issuer"), Carlton County, Minnesota (the "Issuer") to issue a temporary certificate of indebtedness within existing debt limits for the purpose of providing temporary financing for the construction of road improvements; and

WHEREAS, said statute also provides that if the amount of the certificate to be issued to finance such equipment exceeds 0.25% of the market value of taxable property in the Issuer ($31,918,400.00), the certificate shall not be issued for at least ten days after publication in the official newspaper of a 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 certificate 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 Issuer proposes to issue the certificate for said purposes in an amount which exceeds 0.25% of the market value of taxable property in the Issuer.

NOW THEREFORE, BE IT RESOLVED, by the Issuer of the Town of Wrenshall, Minnesota, as follows:

1. That it is necessary and expedient for the Issuer to issue a General Obligation Temporary Certificate of Indebtedness, Series 2013A, pursuant to Minnesota Statutes, Sections 366.095 and 475.61, Subdivision 5, in the amount of $170,000 for the purpose of providing temporary financing for the construction of road improvements (the "Certificate").

2. The amount of the Certificate is hereby determined and declared to be in excess of 0.25% of the market value of taxable property in the Issuer.

3. The Clerk is authorized and directed to publish this resolution in the official newspaper of the Issuer.

4. At least ten days shall elapse after publication in the official newspaper of the Issuer of this resolution before the Certificate may be issued.

Adopted: March 12, 2013

/s/ Henry Wyman

Chair

ATTEST:

/s/ Judy L. Korby

Clerk

Tags: legal notices, legals