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062 <br />CITY OF LINO LAKES <br />Resolution No. 67 - 87 <br />RESOLUTION AUTHORIZING ISSUANCE <br />OF A CERTIFICATE OF INDEBTEDNESS - 1987 <br />WHEREAS, Minnesota Statutes, Section 412.301 authorizes <br />the City Council to issue certificate of indebtedness within <br />existing debt limits to finance the purchase of equipment; and <br />WHEREAS, a contract will be entered into for the pur- <br />chase of such equipment at a total purchase price of $78,000.00; <br />and <br />WHEREAS, the City has sought quotations for the pur- <br />chase of said certificate of indebtedness, which are on file <br />with the City Clerk; and <br />WHEREAS, it appears that the bid of Centennial Bank, <br />Circle Pines, Minnesota for the purchase of such certificate of <br />indebtedness is reasonable. -�► <br />BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES, <br />MINNESOTA: <br />1. The bid of Centennial Bank for the purchase of a <br />$78,000.00 certificate of indebtedness is hereby accepted. <br />2. The City shall forthwith issue and sell the nego- <br />tiable, general obligation equipment certificate of indebtedness <br />in the amount of $78,000.00, dated November 1, 1987, to the <br />Centennial Band in the form of single typewritten fully <br />registered certificate of indebtedness, in the denomination of <br />$78,000.00, bearing interest as set out herein, all interest <br />payable on May 1, 1988 and November 1, 1988, commencing May 1, <br />1988. <br />1 <br />1 <br />