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12/10/1990 Council Minutes
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12/10/1990 Council Minutes
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City Council
Council Document Type
Council Minutes
Meeting Date
12/10/1990
Council Meeting Type
Regular
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13/ <br />America as at the time of payment shall be legal tender for the <br />payment of debts due the United States of America and to pay <br />interest on said principal sum from time to time remaining <br />unpaid in such coin or currency at the rate of six and <br />thirty /hundredths (6.30 %) percent per annum from the date hereof <br />until the principal sum is paid, interest to maturity payable on <br />July 1, 1991 and January 1, 1992. Principal and interest on <br />this Certificate is payable at the office of the City Clerk - <br />Treasurer in the City of Lino Lakes, Minnesota. <br />Payments of installments of principal and the interest <br />due thereon shall discharge the City of the obligation hereon to <br />the extent of the payment made. Annual payments regardless of <br />when made, shall be applied first to the interest computed to <br />the annual installment due date and next to principal due. <br />Other payments, from whatever source derived, shall be applied <br />to the principal last to become due and shall not affect the <br />obligation of the City to pay the remaining installments as <br />scheduled herein. <br />The Certificate is issued as a part of a total of five <br />Certificates of Indebtedness of Eighty -eight Thousand Five <br />Hundred and no /100 ($88,500.00) Dollars, and it is issued by the <br />City pursuant to the Constitution and the laws of the State of <br />Minnesota, including Minnesota Statutes, §412.301 and the Lino <br />Lakes Home Rule Charter, for the purpose of financing the <br />purchase of certain equipment by the City. <br />This Certificate may be assigned but upon such assign- <br />ment the assignee shall promptly notify the City at the office <br />1 <br />1 <br />1 <br />
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