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132 <br />BUDGET HEARING <br />October 7, 1985 <br />Page Ten <br />Voting on the motion, motion carried with Mr. Marier voting, no. <br />CONSIDERATION OF RESOLUTION #85 -22, AUTHORIZING TAX LEVY TO REPAY <br />CERTIFICATE OF INDEBTEDNESS <br />Mr. Kulaszewicz moved to adopt Resolution #85 -22 and waive the <br />reading. Mr. Reinert seconded the motion. <br />Motion carried with Mr. Marier voting, no. <br />RESOLUTION #85 - 22 <br />1 <br />RESOLUTION AUTHORIZING A TAX LEVY TO REPAY THE CERTIFICATE OF IN- <br />DEBTEDNESS IN THE SUM OF $107,500 FOR THE PURCHASE OF POLICE AND <br />STREET EQUIPMENT IN THE CITY OF LINO LAKES, MINNESOTA. <br />WHEREAS, in a Resolution passed, and dated October 7, 1985, the <br />Lino Lakes City Council authorized the issuance of a <br />Certificate of Indebtedness for the purchase of Police <br />and Street equipment in the sum of $107,500, and, <br />WHEREAS, Minnesota Statutes Annotated 475.61 requires the Counci <br />of any municipality issuing obligations, to levy by Re- <br />solution, prior to the delivery of the obligations, a <br />general tax for the payment when due of the principal and <br />interest on the obligations: <br />NOW THEREFORE, upon a motion duly made by Mr. Kulaszewicz, seconded by <br />Mr. Reinert, put and carried, it was RESOLVED: <br />1. That there is hereby created a special account in <br />the sinking fund which shall be used only for paying <br />principal and interest on the Certificate of Indebted- <br />ness issued by the Lino Lakes City Council pursuant to <br />a Resolution dated October 7, 1985 to finance the pur- <br />chase of the police and street equipment. Into this <br />fund shall be paid all receipts from the taxes levied <br />by the Resolution and any other money appropriated to <br />the fund from any other source. If any principal or <br />interest on the Certificate becomes due when there is <br />not sufficient money in the fund to pay for it, the Lino <br />Lakes City Treasurer shall make up the deficit from the <br />general fund of the City and the general fund shall be <br />reimbursed for such advances from the proceeds of the <br />taxes levied in this Resolution. <br />2. There is hereby levied upon all taxable property in <br />the City of Lino Lakes a direct, annual, irrepealable, <br />