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130 <br />} ;DGi!T NEARING <br />October 7, 1985 <br />Page Eight <br />CONSIDERATION OF RESOLUTION #85 -23, ISSUANCE OF CERTIFICATES OF <br />INDEBTEDNESS FOR CITY EQUIPMENT <br />Mr. Schumacher explained that this Resolution is for $107,500 for <br />the purchase of equipment, of which $45,000 will be paid in the <br />1986 budget. <br />Mr. Marier said he was not in favor of this Resolution, he felt <br />there was enough money in the budget to pay the bills as they come <br />due. <br />Mr. Schumacher explained the Capital Improvements Plan and said <br />Certificates of Indebtedness are a major tool used by many cities <br />to purchase Capital Outlay. Other than police squads there will <br />be no other Capital Outlay items for the next two years. <br />Mr. Bohjanen moved to adopt Resolution #85 -23. Mr. Reinert sec- <br />onded the motion. Mayor Benson read the Resolution. - <br />RESOLUTION #85 - 23 <br />RESOLUTION AUTHORIZING THE ISSUANCE OF A CERTIFICATE OF INDEBTEDNESS <br />FOR CITY EQUIPMENT IN THE CITY OF LINO LAKES, MINNESOTA. <br />WHEREAS, the Lino Lakes City Council is desirous of purchasing <br />Police and Street equipment for the proper maintenance <br />and protection of the City of Lino Lakes; and <br />WHEREAS, existing City funds are insufficient for the purchase of <br />said equipment; and <br />WHEREAS, the needs and requirements of Minnesota Statutes regard- <br />ing said purchases were discussed along with the approx- <br />imate costs; and <br />WHEREAS, the Lino Lakes City Council determined that the issuance <br />of a Certificate of Indebtedness pursuant to Minnesota <br />Statutes Annotated 412.301 and in the sum of $107,500 <br />would be necessary in order to purchase the above men- <br />tioned equipment; <br />NOW THEREFORE, upon a motion duly made by Mr. Bohjanen, seconded <br />by Mr. Reinert, put and carried, it was RESOLVED: <br />1. That a Certificate of Indebtedness in the sum of <br />$107,500 shall be issued by the City of Lino Lakes to <br />purchase Street and Police equipment, pursuant to <br />M. S. A. 412.301. <br />2. That the Lino Lakes City Council authorizing the <br />City Administrator to negotiate interest on the Cert- <br />ificate of Indebtedness to be repaid within three (3) <br />