HomeMy WebLinkAbout2012-012 Council Resolution•
Council Member o' Don nph introduced the following resolution and moved its
adoption:
CITY OF LINO LAKES
COUNTY OF ANOKA
RESOLUTION NO. 12 -12
RESOLUTION AUTHORIZING THE ISSUANCE OF
2012 CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 2012 budget calls for the issuance of certificates amounting to $150,000.00
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 2013, 2014 and 2015;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LINO LAKES, MINNESOTA:
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 $150,000.00
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, 2012 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
2012 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 $150,000 plus
interest at 1.0% per annum in three installments in 2013, 2014 and 2015 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 February 13, 2012
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•
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CITY COUNCIL
AGENDA ITEM 1G
STAFF ORIGINATOR Al Rolek
MEETING DATE February 13, 2012
TOPIC Consider Resolution 12 -12 Authorizing the Issuance of the
2012 Certificates of Indebtedness
VOTE REQUIRED Simple Majority (3/5)
BACKGROUND
The 2012 budget calls for the issuance of Certificates of Indebtedness in the amount of $150,000 to
be used for the purchase of capital equipment as part of our equipment replacement program. The
interest rate on the certificates will be 1.00 %.
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 2013, 2014 and 2015 and the levy proceeds will be
credited to the Area and Unit Fund.
The equipment to be funded with the 2012 Certificate of Indebtedness is listed on the attached
schedule.
RECOMMENDATION
Approve Resolution 12 -12 issuing the 2012 Certificates of Indebtedness
ATTACHMENTS
2012 Capital Equipment Replacement Schedule
•
December 31, 2013
December 31, 2014
December 31, 2015
Total
Interest Rate —1.0%
Levy 2010 Payable 2011
Levy 2011 Payable 2012
Levy 2012 Payable 2013
Total
•
SCHEDULE OF PAYMENTS
2012 CERTIFICATES OF INDEBTEDNESS
FEBRUARY 1, 2012
PRINCIPAL
$ 49,000.00
50,000.00
51,000.00
$ 150,000.00
INTEREST
$ 2,875.00
1,010.00
510.00
$ 4,395.00
TOTAL
$ 51,875.00
51,010.00
51,510.00
$ 154,395.00
$ 54,469.00 (includes required 5% overlevy)
53,561.00
54,086.00
$162,116.00
•
•
and is issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to
be effective as of February 1, 2012.
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.
Jeff Rei - , rayor
Adopted by the City Council of Lino Lakes, Minnesota, this 13th day of February, 2012.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
Roeser and upon vote being taken thereon, the following voted in favor thereof:
Bie ollnowing GotengELA sanie ferty, Stoesz, Reinert
none
• City of Lino Lakes
2012 Capital Equipment Replacement
Department Description Amount
Police (4) Squad Cars & Equipment $144,000
Fire
Fleet
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Capital Equipment 86,625
Elgin Street Sweeper 195,000
1 Ton Pickup w/ Plow 48,000
1/2 Ton Pickup 40,000
Case Skid Steer 32,000
Toro Z -Mower 15,000
Ditch Mower (Flail Attachment) 15,000
Total Fleet 345,000
Total $575,625
Equipment Levy 250,000
Capital Improvement Fund 175,625
Certificates to be Issued $150,000