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CITY OF LINO LAKES RESOLUTION NO. 1 4 -16 RESOLUTION AUTHORIZING THE ISSUANCE OF 20 1 4 CERTIFICATES OF INDEBTEDNESS WHEREAS , the 20 1 4 budget calls for the issuance of certificates amounting to $495 ,000 .00 and WHEREAS , the Area and Unit Fund (406) has sufficient reserves to issue a loan, and WHEREAS , a special levy will pay for these certificates in 20 1 5 , 20 1 6 and 201 7 . NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES : 1. It is hereby found and determined that it is necessary and expedient for the City to issue a Cert ificate of Indebtedness for the purpose of financing the purchase of capital equipment, in accordance with the provisions of Minnesota Statutes, Section 412.301; and that the sale of said Certificates to the Capital Equipment Revolving Fund (40 2 ), on terms hereinafter set forth, is hereby ordered. 2. The City shall issue a Certificate of Indebtedness in the amount of $495 ,000 .00 authorized by the City Council pursuant to the provisions of Minnesota Statutes, Section 412.301; for the purpose of financing the purchase of capital equipment. Said Certificate shall be dated on February 1 5 , 20 1 4 and shall be payable to the Area and Unit Fund of the City of Lino Lakes. 3. Said Certificate shall be as follows: CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA 2 0 1 4 CERTIFICATE OF INDEBTEDNESS Know All Men By These Presents that the City of Lino Lakes, Anoka County, Minnesota, hereby acknowledge the Capital Equipment Fund to be indebted and for values received promises to pay the Area and Unit Fund of the City o f Lino Lakes, the sum of $495 ,000 plus interest at 1 .0 % per annum in three installments in 201 5 , 201 6 and 201 7 per attached schedule. This Certificate is issued for the purpose of purchasing capital equipment for the Ci ty and is authorized by a duly ad op ted resolution of the City Council of Lino Lakes, dated Febr uary 10 , 20 1 4 and is issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as of February 1 5 , 20 1 4 .