1995-008 Council Resolution - Laserfiche WebLink

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Council member Elliott introduced the following resolution and move its adoption: CITY OF LINO LAKES RESOLUTION NO. 95 - 08 RESOLUTION AUTHORIZING THE ISSUANCE OF 1995 CERTIFICATES OF INDEBTEDNESS WHEREAS, the 1995 budget called for the issuance of certificates amounting to $176,000. WHEREAS, the Area and Unit Fund (406) has sufficient reserves to issue a loan and WHEREAS, a special levy will pay for these certificates in 1996 and 1997. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES: 1. It is hereby found and determined that it is necessary and expedient for the City to issue a Certificate of Indebtedness for the purpose of financing the purchase of capital equipment, in accordance with the provisions of Minnesota Statutes, Section 412.301; and that the sale of said Certificates to the Capital Improvement Project Fund (401), on terms hereinafter set forth, is hereby ordered. 2. The City shall issue a Certificate of Indebtedness in the amount of $176,000 authorized by the City Council pursuant to the provisions of Minnesota Statutes, Section 412.301; for the purpose of financing the purchase of capital equipment. Said Certificate shall be dated on February 1, 1995 and shall be payable to the Area and Unit Fund of the City of Lino Lakes. 3. Said Certificate shall be as follows: CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA 1995 CERTIFICATE OF INDEBTEDNESS Know All Men By These Presents that the City of Lino Lakes, Anoka County, Minnesota, hereby acknowledge the Capital Improvement Project Fund to be indebted and for values received promises to pay the Area and Unit Fund of the City of Lino Lakes, the sum of $176,000 plus interest at 6% per annum in two installments in 1996 and 1997 per attached schedule.