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CITY OF LINO LAKES
<br />RESOLUTION NO. 03-42
<br />RESOLUTION AUTHORIZING THE ISSUANCE OF
<br />2003 CERTIFICATES OF INDEBTEDNESS, SERIES B
<br />WHEREAS, the 2003 budget includes $330,000 for equipment replacement, $130,000 of which would be
<br />funded through the sale of certificates of indebtedness, and
<br />WHEREAS, the City Council has adopted Resolution 03 -10 authorizing the issuance of $130,000 in
<br />certificates of indebtedness, and
<br />WHEREAS, the Governor's proposed budget for FY 2004/2005 eliminates Local Government Aid and Market
<br />Value Homestead Credit the City expected to receive in 2003 and 2004, creating a 2003 budget
<br />gap of $502,546, and
<br />WHEREAS, the issuance of additional certificates of indebtedness would fill a substantial amount of the gap
<br />left by the Governor's proposal, and
<br />WHEREAS, the City has the capacity to issue additional certificates of indebtedness to fund equipment
<br />replacement needs, and
<br />WHEREAS, the Area and Unit Fund (406) has sufficient reserves to issue a loan, and
<br />WHEREAS, a special levy will pay for these certificates in 2004, 2005 and 2006, and
<br />WHEREAS, bills being proposed in the State Legislature, specifically Senate File 330 and House File 751,
<br />may have an adverse affect on the City's ability to issue these certificates at a later date.
<br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes that:
<br />1. It is hereby found and determined that it is necessary and expedient for the City to issue a
<br />Certificate of Indebtedness for the purpose of financing the purchase of capital equipment, in accordance
<br />with the provisions of Minnesota Statutes, Section 412.301; and that the sale of said Certificates to the
<br />Capital Improvement Project Fund (401), on terms hereinafter set forth, is hereby ordered.
<br />2. The City shall issue a Certificate of Indebtedness in the amount of $200,000.00 authorized by the
<br />City Council pursuant to the provisions of Minnesota Statutes, Section 412.301; for the purpose of financing
<br />the purchase of capital equipment. Said Certificate shall be dated on March 31, 2003 and shall be payable to
<br />the Area and Unit Fund of the City of Lino Lakes.
<br />3. Said Certificate shall be as follows:
<br />CITY OF LINO LAKES
<br />ANOKA COUNTY, MINNESOTA
<br />2003 CERTIFICATE OF INDEBTEDNESS, SERIES B
<br />Know All Men By These Presents that the City of Lino Lakes, Anoka County, Minnesota, hereby
<br />acknowledge the Capital Improvement Project Fund to be indebted and for values received promises to pay
<br />the Area and Unit Fund of the City of Lino Lakes, the sum of $200,000 plus interest at 4% per annum in three
<br />installments in 2004, 2005 and 2006 per attached schedule.
<br />This Certificate is issued for the purpose of purchasing capital equipment for the City and is
<br />authorized by a duly adopted resolution of the City Council of Lino Lakes, dated March 24, 2003 and is
<br />issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as
<br />of March 31, 2003.
<br />It is Hereby Certified and Recited, that all acts, conditions and things required by law to be done, to exist, to
<br />happen and to be performed, precedent to and in the issuance of this Certificate have been done, do exist,
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