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• <br />• <br />Council member Q -4-0\et introduced the following resolution and moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 06 -06 <br />RESOLUTION AUTHORIZING THE ISSUANCE OF <br />2006 CERTIFICATES OF INDEBTEDNESS <br />WHEREAS, the 2006 budget calls for the issuance of certificates amounting to $307,000.00 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 2007, 2008 and 2009. <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 Equipment Revolving Fund (402), on terms hereinafter set forth, is hereby ordered. <br />2. The City shall issue a Certificate of Indebtedness in the amount of $307,000.00 authorized by <br />the City Council pursuant to the provisions of Minnesota Statutes, Section 412.301; for the purpose of <br />financing the purchase of capital equipment. Said Certificate shall be dated on February 1, 2006 and <br />shall be payable 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 />2006 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 <br />pay the Area and Unit Fund of -the City of lino Lakes, the sum of $307,000 plus interest at 4% per annum <br />in three installments in 2007, 2008 and 2009 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 23rd, 2006 and <br />is issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be <br />effective as of February 1, 2006. <br />It is Hereby Certified and Recited, that all acts, conditions and things required by law to be done, to exist, <br />to happen and to be performed, precedent to and in the issuance of this Certificate have been done, do <br />exist, have happened and have been performed in regular and due form, time and manner; that a direct, <br />annual, irrepealable ad valorem tax will be duly levied by said City in an amount sufficient to pay the <br />principal and interest on this Certificate, together with all other existing indebtedness of the said City, <br />does not exceed any constitutional or statutory limitation on indebtedness. <br />