1992-136 Council Resolution - Laserfiche WebLink

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said principal sum from time to time remaining unpaid in such coin or currency at the rate of three and 75/100 ( 3.75%) percent per annum from the date hereof until the principal sum is paid, interest to maturity payable on August 1, 1993 and February 1, 1994. Principal and interest on this Certificate is payable at the office of the City Clerk - Treasurer in the City of Lino Lakes, Minnesota. Payments of installments of principal and the interest due thereon shall discharge the City of the obligation hereon to the extent of the payment made. Annual payments regardless of when made, shall be applied first to the interest computed to the annual installment due date and next to principal due. Other payments, from whatever source derived, shall be applied to the principal last to become due and shall not affect the obligation of the City to pay the remaining installments as scheduled herein. The Certificate is issued as a part of a total of two Certificates of Indebtedness of One Hundred Fifty Thousand and no/100 ($150,000.00) Dollars, and it is issued by the City pursuant to the Constitution and the laws of the State of Minnesota, including Minnesota Statutes, §412.301 and the Lino Lakes Home Rule Charter, for the purpose of financing the purchase of certain equipment by the City. The City Council has designated the Certificates as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the -3-