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<br /> <br /> <br />CITY OF LINO LAKES <br />RESOLUTION NO. 16-01 <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE OF 2016 CERTIFICATES OF <br />INDEBTEDNESS <br /> <br />WHEREAS, the 2016 Capital Equipment Replacement Schedule calls for the issuance of <br />certificates amounting to $469,000, and <br /> <br />WHEREAS, the Area and Unit Fund (406) has sufficient reserves to issue a loan, and <br /> <br />WHEREAS, a special levy will pay for the certificates in 2017, 2018, and 2019. <br /> <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes, <br />that: <br /> <br /> 1. It is hereby found and determined that it is necessary and expedient for the City to issue <br />a Certificate of Indebtedness for the purpose of financing the purchase of capital equipment, in <br />accordance with the provisions of Minnesota Statutes, Section 412.301; and that the sale of said <br />Certificates to the Capital Equipment Revolving Fund (402), on terms hereinafter set forth, is hereby <br />ordered. <br /> <br /> 2. The City shall issue a Certificate of Indebtedness in the amount of $469,000.00 authorized <br />by the City Council pursuant to the provisions of Minnesota Statutes, Section 412.301; for the <br />purpose of financing the purchase of capital equipment. Said Certificate shall be dated on February <br />1, 2016 and shall be payable to the Area and Unit Fund of the City of Lino Lakes. <br /> <br /> 3. Said Certificate shall be as follows: <br /> <br /> CITY OF LINO LAKES <br /> ANOKA COUNTY, MINNESOTA <br /> <br /> 2016 CERTIFICATE OF INDEBTEDNESS <br /> <br /> Know All Men By These Presents that the City of Lino Lakes, Anoka County, Minnesota, <br />hereby acknowledge the Capital Equipment Fund to be indebted and for values received promises <br />to pay the Area and Unit Fund of the City of Lino Lakes, the sum of $469,000 plus interest at 1.0% <br />per annum in three installments in 2017, 2018, and 2019 per attached schedule. <br /> <br /> This Certificate is issued for the purpose of purchasing capital equipment for the City and is <br />authorized by a duly adopted resolution of the City Council of Lino Lakes, dated December 28, 2015 <br />and is issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to <br />be effective as of February 1, 2016. <br /> <br /> It is hereby certified and recited, that all acts, conditions and things required by law to be <br />done, to exist, to happen and to be performed, precedent to and in the issuance of this Certificate <br />have been done, do exist, have happened and have been performed in regular and due form, time and <br />manner; that a direct, annual, irrepealable ad valorem tax will be duly levied by said City in an <br />amount sufficient to pay the principal and interest on this Certificate, together with all other existing