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1987-061 Council Resolution
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1987-061 Council Resolution
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Last modified
10/24/2014 2:35:34 PM
Creation date
10/24/2014 1:06:08 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
10/05/1987
Council Meeting Type
Regular
Resolution #
87-061
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RESOLUTION #87 -61 <br />RESOLUTION AUTHORIZING THE ISSUANCE OF A CERTIFICATE OF INDEBTEDNESS FOR CITY <br />EQUIPMENT IN THE CITY OF LINO LAKES, MINNESOTA. <br />WHEREAS, the Lino Lakes City Council is desirous of purchasing <br />equipment for the proper maintenance and protection of <br />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 regarding <br />said purchases were discussed along with the approximate <br />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 $73,500.00 <br />would be . necessary in order to purchase the above men- <br />tioned equipment; <br />NOW THEREFORE, upon a motion duly made by Harold Bisel <br />seconded by Vernon Reinert , put and unanimously <br />• <br />carried, it was RESOLVED: <br />1. That a Certificate of Indebtedness in the sum of <br />$73,500.00 shall be issued by the City of Lino Lakes to <br />purchase general maintenance and protection equipment, <br />pursuant to M.S.A. 412.301. <br />2. That the Lino Lakes City Council authorizes the <br />City Administrator to negotiate interest on the Certifi- <br />cate of Indebtedness to be repaid within one (1) year from <br />the date of issuance. Interest to be paid biannually. <br />3. That the full faith, credit and taxing powers of the <br />City of Lino Lakes are hereby pledged, and that the Lino <br />Lakes City Council authorized a tax lavy to pay this prin- <br />cipal and interest on said Certificate of Indebtedness with <br />at least five (5 %) percent excess on the tax levy as per <br />M.S.A. 475.61 <br />
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