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CITY OF LINO LAKES <br />RESOLUTION NO. 29 - 89 <br />RESOLUTION AUTHORIZING ISSUANCE <br />OF CERTIFICATES OF INDEBTEDNESS - 1989 <br />WHEREAS, Minnesota Statutes, Section 412.301 and the <br />Lino Lakes Home Rule Charter authorize the City Council to issue <br />Certificates of Indebtedness within existing debt limits to <br />finance the purchase of equipment; and <br />WHEREAS, a contract will be entered into for the pur- <br />chase of police, fire, public works, and government buildings <br />equipment at a total purchase price of Three Hundred Thousand <br />and no/100 ($300,000.00) Dollars; and <br />WHEREAS, the City has sought quotations for the pur- <br />chase of said Certificates 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 Certificates <br />of Indebtedness is the lowest responsible bid. <br />BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES, <br />MINNESOTA: <br />1. T h e b i d of Centennial Bank <br />for the purchase of Three Hundred Thousand and no/100 <br />($300,000.00) Dollars Certificates of Indebtedness is hereby <br />accepted. <br />2. The City shall forthwith issue and sell five nego- <br />tiable general obligation equipment Certificates of Indebtedness <br />in the amount of Sixty Thousand and no/100 ($60,000.00) Dollars <br />each, dated May 1, 1989, to the Centennial Bank in <br />-1- <br />