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1999 Annual Budget Adopted
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1999 Annual Budget Adopted
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1999 Annual Budget Adopted
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OMB <br />Council member Lyden introduced the following resolution and move its <br />adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 99-01 <br />RESOLUTION AUTHORIZING THE ISSUANCE OF <br />1999 CERTIFICATES OF INDEBTEDNESS <br />WHEREAS, the 1999 budget calls for the issuance of certificates amounting to $307,570 and <br />WHEREAS, the Area and Unit Fund (406) has sufficient reserves to issue a loan, and <br />WHEREAS, a special levy will pay for these certificates in 2000, 2001 and 2002. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES: <br />1. It is hereby found and determined that it is necessary and expedient for the City to issue a <br />Certificate of Indebtedness for the purpose of financing the purchase of capital equipment, in accordance <br />with the provisions of Minnesota Statutes, Section 412.301; and that the sale of said Certificates to the <br />Capital Improvement Project Fund (401), on terms hereinafter set forth, is hereby ordered. <br />2. The City shall issue a Certificate of Indebtedness in the amount of $307,570 authorized by the <br />City Council pursuant to the provisions of Minnesota Statutes, Section 412.301; for the purpose of financing <br />the purchase of capital equipment. Said Certificate shall be dated on February 1, 1999 and shall be payable <br />to the Area and Unit Fund of the City of Lino Lakes. <br />3. Said Certificate shall be as follows: <br />CITY OF LINO LAKES <br />ANOKA COUNTY, MINNESOTA <br />1999 CERTIFICATE OF INDEBTEDNESS <br />Know All Men By These Presents that the City of Lino Lakes, Anoka County, Minnesota, hereby <br />acknowledge the Capital Improvement Project Fund to be indebted and for values received promises to pay <br />the Area and Unit Fund of the City of Lino Lakes, the sum of $307,570 plus interest at 6% per annum in three <br />installments in 2000, 2001, and 2002 per attached schedule. <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 January 11, 1999 and is <br />issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as <br />of February 1, 1999. <br />It is Hereby Certified and Recited, that all acts, conditions and things required by law to be done, to exist, to <br />happen and to be performed, precedent to and in the issuance of this Certificate have been done, do exist, <br />have happened and have been performed in regular and due form, time and manner; that a direct, annual, <br />irrepealable ad valorem tax will be duly levied by said City in an amount sufficient to pay the principal and <br />interest on this Certificate, together with all other existing indebtedness of the said City, does not exceed any <br />constitutional or statutory limitation on indebtedness. <br />A — 6 <br />
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