2011-018 Council Resolution - Laserfiche WebLink

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Council Member Rafferty • introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 11-18 RESOLUTION AUTHORIZING THE ISSUANCE OF 2011 CERTIFICATES OF INDEBTEDNESS WHEREAS, the 2011 budget calls for the issuance of certificates amounting to $120,000.00 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 2012, 2013 and 2014. 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 Certificate 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 (402), on terms hereinafter set forth, is hereby ordered. 2. The City shall issue a Certificate of Indebtedness in the amount of $120,000.00 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, 2011 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 2011 CERTIFICATE OF INDEBTEDNESS Know All Men By These Presents that the City of Lino Lakes, Anoka County, Minnesota, hereby acknowledge the Capital Improvement Project Fund to be indebted and for values received promises to pay the Area and Unit Fund of the City of Lino Lakes, the sum of $120,000 plus interest at 1.0% per annum in three installments in 2012, 2013 and 2014 per attached schedule. This Certificate is issued for the purpose of purchasing capital equipment for the City and is authorized by a duly adopted resolution of the City Council of Lino Lakes, dated February 14, 2011 and is issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as of February 1, 2011. It is Hereby Certified and Recited, that all acts, conditions and things required by law to be done, to exist, to happen and to be performed, precedent to and in the issuance of this Certificate have been done, do exist, have happened and have been performed in regular and due form, time and manner; that a direct, annual, irrepealable ad valorem tax will be duly levied by said City in an amount sufficient to pay the principal and interest on this Certificate, together with all other existing indebtedness of the said City, does not exceed any constitutional or statutory limitation on indebtedness. •