HomeMy WebLinkAbout1980-001 Council ResolutionR E S O L U T I O N
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WHEREAS, The City of Lino Lakes and the County of
Anoka reached an agreement on the Chain
of Lakes Park on March 26, 1974, and
WHEREAS, The enclosed agreement was accepted and
signed by the respective bodies, and
WHEREAS, This City Council wishes this agreement
to remain in force,
NOW THEREFORE BE IT RESOLVED, that the Council of
Lino Lakes reaffirms the Contract with Anoka County
for the year 1981.
Passed by the Council of the City of Lino Lakes this
19th day of January, 1981.
Edna L. Sarner, Clerk- Treasurer
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CITY OF LINO LAKES
ANOKA COUNTY, MINNESOTA
COUNCIL RESOLUTION
WHEREAS, the City of Lino Lakes ordinances frequently require
a financial guarantee, to insure performance of certain requirements
of the City; and
WHEREAS, letters of credit are usually issued by banking
institutions which are under governmental provisions and require-
ments for the issuance of such letters of credit; and
WHEREAS, questions have arisen with reference to the policy of
the City with reference to time restraints as they relate to letters
of credit; and
WHEREAS, the City Council has addressed the problems that evolve
from having letters of credit come due at various times of the year,
thus causing continuous administration and possible exposure to
loss on the part of the City; and
WHEREAS, to minimize the potential of a loss of security or
guarantee with reference to letters of credit, the Council deems it
advisable to make a uniform expiration date for letters of credit;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Lino Lakes, Anoka County, Minnesota:
1. That all letters of credit rendered to the City of
Lino Lakes shall be for a minimum duration of 365 days.
2. That all letters of credit rendered to the City of
Lino Lakes shall have an expiration date of December 31
of the year or a subsequent year following at least
365 days.
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3. That the City staff shall review all letters of credit
prior to August 1st of each year for the purpose of
exercising the option thereunder in a timely manner or
to require of the institution rendering the credit that
new letters of credit be issued prior to the expiration
date of the filed letter of credit for all remaining
work to be performed.
The motion for the adoption of the foregoing resolution was
duly seconded by , and upon vote
being taken thereon, the following voted in favor thereof:
and the following voted against:
whereupon said resolution was declared duly passed and adopted.
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EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF LINO LAKES
ANOKA COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a regular meeting
of the Council of the City of Lino Lakes, Minnesota was duly held
in the City Hall in the City of Lino Lakes, on Monday, January 14,
1980, commencing at
The following members were present:
and the following were absent:
* * * * * * * * * * * * * * * * * * * * * * * * *
Councilman introduced the following resolution
and moved its adoption:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Lino Lakes, Anoka County, Minnesota:
1. That all letters of credit rendered to the City of
Lino Lakes shall be for a minimum duration of .365 days.
2. That all letters of credit rendered to the City of
Lino Lakes ahall have an expiration date of December 31
of the year or a subsequent year following at least
365 days.
3. That the City staff shall review all letters of credit
prior to August 1st of each year for the purpose of
exericsing the option thereunder in a timely manner or
to require of the institution rendering the credit that
New letters of credit be issued prior to the expiration
date of the filed letter of credit for all remaining
work to be performed.
Motion for adoption of the foregoing resolution was
duly seconded by , and upon vote
being taken thereon, the following voted in favor thereof:
and the following voted against:
whereupon said resolution was declared duly passed and adopted.
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STATE OF MINNESOTA )
COUNTY OF ANOKA ) SS.
CITY OF LINO LAKES )
I, the undersigned, being the duly qualified and acting
Clerk - Treasurer of the City of Lino Lakes, Anoka County, Minnesota,
do hereby certify that I have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the City
Council of said City, held on the 14th day of January, 1980, with
the original thereof on file in my office and the same is a full and
complete transcript therefrom.
Witness my hand officially as such Clerk - Treasurer
and the official seal of the City, this day of
1980.
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Edna L. Sarner
City Clerk - Treasurer
City of Lino Lakes
Anoka County, Minnesota