HomeMy WebLinkAbout1981-039 Council Resolution0
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RESOLUTION 81 -39
RESOLUTION AUTHORIZING THE ISSUANCE OF A CERTIFICALE
OF INDEBTEDNESS FOR CITY EQUIPMENT IN THE CITY OF LINO
LADS, MINNESOTA.
WHEREAS , the Lino Lakes City Council is desirous of purchasing Police
and street equipment for the proper maintenance and protection of the
City of Lino Lakes and
WHEREAS, existing City funds are insufficient for the purchase of
said equipment; and
WHEREAS, the needs and requirements of Minnesota Statutes regarding
said purchases were discussed along with the approximate costs; and
WHEREAS, the Lino Lakes City Council determined that the issuance
of a Certificate of Indebtedness pursuant to Minnesota Statutes
1 Annotated 412.301 and in the sum of $111,400.00 would be necessary
in order to purchase the above mentioned equipment;
NOW THEREFORE, upon a motion duly made by Ronald Jaworski , seconded
by John McLean , put and unanimously carried, it was
RESOLVED:
1. That a Certificate of Indebtedness in the sum of $111,400.00
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shall be issued by the City of Lino Lakes to purchase street and police
0 4 equipment, pursuant to M. S. A. 412.301.
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x 2. That the Lino Lakes City Council authorizing the City Admin-
Mg o :F; 51 2 istrator to negotiate interest on the Certificate of Indebtedness to
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0 0 g be repaid within two (2) years from the date of issuance. Interest to
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be paid biannually.
3. That the full faith, credit and taxing powers of the City
of Lino Lakes are hereby pledged, and that the Lino Lakes City Council
authorized a tax levy to pay this principal and interest on said
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RESOLUTION 81 -39
Page -2-
Certificate of Indebtedness with at least five (5%) percent excess on the tax
levy as per M.S.A. 475.61.
4. That said principal shall be paid as follows; on the first day of Dec-
ember, 1982 and on every December first thereafter until fully paid.
5. That the Lino Lakes City Clerk- Treasurer is authorized and directed to
file with the Anoka County Auditor a certified copy of this Resolution regarding
the obligations concerning said Certificate as per M.S.A. 475.61.
Dated this 19th day of October, 1981.
Afl'EST :
Edna L. Sarner, Clerk - Treasurer