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• <br />Council Member o' Don nph introduced the following resolution and moved its <br />adoption: <br />CITY OF LINO LAKES <br />COUNTY OF ANOKA <br />RESOLUTION NO. 12 -12 <br />RESOLUTION AUTHORIZING THE ISSUANCE OF <br />2012 CERTIFICATES OF INDEBTEDNESS <br />WHEREAS, the 2012 budget calls for the issuance of certificates amounting to $150,000.00 <br />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 2013, 2014 and 2015; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />LINO LAKES, MINNESOTA: <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 <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 <br />hereby ordered. <br />2. The City shall issue a Certificate of Indebtedness in the amount of $150,000.00 <br />authorized by the City Council pursuant to the provisions of Minnesota Statutes, Section 412.301; <br />for the purpose of financing the purchase of capital equipment. Said Certificate shall be dated on <br />February 1, 2012 and 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 />2012 CERTIFICATE OF INDEBTEDNESS <br />Know All Men By These Presents that the City of Lino Lakes, Anoka County, Minnesota, <br />hereby acknowledge the Capital Improvement Project Fund to be indebted and for values received <br />promises to pay the Area and Unit Fund of the City of Lino Lakes, the sum of $150,000 plus <br />interest at 1.0% per annum in three installments in 2013, 2014 and 2015 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 February 13, 2012 <br />