HomeMy WebLinkAbout2008-009 Council ResolutionCouncil member ; Stoltz introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 08-09
RESOLUTION AUTHORIZING THE ISSUANCE OF
2008 CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 2008 budget calls for the issuance of certificates amounting to $209,000.00 and
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 2009, 2010 and 2011.
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 Equipment Revolving Fund (402), on terms hereinafter set forth, is hereby ordered.
2. The City shall issue a Certificate of Indebtedness in the amount of $209,000.00 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, 2008 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
2008 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 $209,000 plus interest at 4.0% per annum in
three installments in 2009, 2010 and 2011 per attached schedule.
This Certificate is issued for the purpose of purchasing capital equipment for the City and is
authorized by a duly adopted resolution of the City Council of Lino Lakes, dated January 14th, 2008 and is
issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as
of February 1, 2008.
It is Hereby Certified and Recited, that all acts, conditions and things required by law to be done, to exist, to
happen and to be performed, precedent to and in the issuance of this Certificate have been done, do exist,
have happened and have been performed in regular and due form, time and manner; that a direct, annual,
irrepealable ad valorem tax will be duly levied by said City in an amount sufficient to pay the principal and
interest on this Certificate, together with all other existing indebtedness of the said City, does not exceed any
constitutional or statutory limitation on indebtedness.
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rtell, City Cle
Adopte by the City Council of Lino Lakes, Minnesota, this 14th day of January, 2008.
The motion for the adoption of the foregoing resolution was duly seconded by Council MembeFallupand
upon vote being taken thereon, the following voted in favor thereof:
Stoltz, Gallup, Bergeson
The following voted against same: None
none -- Absent- Reinert, O'Donnell
Whereupon said resolution was declared duly passed and adopted.
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AGENDA ITEM 'ID
STAFF ORIGINATOR Al Rolek
MEETING DATE January 14, 2008
TOPIC Consider Resolution 08 -09 Authorizing the Issuance of the 2008
Certificates of Indebtedness
Simple Majority (3/5)
VOTE REQUIRED
The 2008 budget called for the issuance of Certificates of Indebtedness in the amount of
$209,000 to be used for the purchase of capital equipment as part of our equipment replacement
program.
The Area and Unit Fund has sufficient reserves to issue a loan to finance these purchases.
A Special Levy will pay for this certificate in 2009, 2010 and 2011 and the levy proceeds will be
credited to the Area and Unit Fund.
The equipment to be funded with the 2008 Certificate of Indebtedness is listed on the attached
schedule.
1. Approve Resolution 08 -09 issuing the 2008 Certificates of Indebtedness.
2. Return to staff for further review.
Option 1.
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SCHEDULE OF PAYMENTS
2008 CERTIFICATES OF INDEBTEDNESS
FEBRUARY 1, 2008
PRINCIPAL INTEREST TOTAL
December 31, 2009 $ 63,000.00 $ 16,023.00 $ 79,023.00
December 31, 2010 72,000.00 5,840.00 77,840.00
December 31, 2011 74,000.00 2,960.00 76,960.00
Total $ 209,000.00 $ 24,823.00 $ 233,823.00
Interest Rate — 4.0%
Levy 2008 Payable 2009
Levy 2009 Payable 2010
Levy 2010 Payable 2011
$ 82,975.00 (includes 5% overlevy)
81,732.00
80,808.00
Total $245.515.00
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City of Lino Lakes
411) 2008 Capital Equipment Replacement
Department Description Amount
Police (3) Squad Cars & Equipment
Fire Capital Equipment
Fleet
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$75, 000
69,000
Single Axle Dump Truck w/ Plow 153,000
Aerial Boom For #239 60,000
3/4 Ton Pickup w/ Plow 38,000
1 Ton Pickup w/ plow 45,000
3/4 Ton Pickup w/o Plow 33,000
Total Fleet 329,000
Total $473,000
Equipment Levy 291,000
Capital Improvement Fund 0
Certificates to be Issued $209,000
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