HomeMy WebLinkAbout2007-015 Council ResolutionCouncil member Carl Gn„ introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 07-15
RESOLUTION AUTHORIZING THE ISSUANCE OF
2007 CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 2006 budget calls for the issuance of certificates amounting to $160,000.00 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 2008, 2009 and 2010.
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 $160,000.00 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, 2007 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
2007 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 $160,000 plus interest at 4% per annum in three
installments in 2008, 2009 and 2010 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 22nd, 2007 and is
issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as
of February 1, 2007.
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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ne Bartell, City • erk
Adopted by the City Council of Lino Lakes, Minnesota, this 22nd day of January, 2007.
The motion for the adoption of the foregoing resolution was duly seconded by O' Donnell
being taken thereon, the following voted in favor thereof:
Carlson, O'Donnell, Reinert, Bergeson
The following voted against same:
Whereupon said resolution was declared duly passed and adopted.
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and upon vote
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SCHEDULE OF PAYMENTS
2007 CERTIFICATES OF INDEBTEDNESS
FEBRUARY 1, 2007
PRINCIPAL INTEREST TOTAL
December 31, 2008 $ 50,000.00 $ 13,800.00 $ 63,800.00
December 31, 2009 55,000.00 4,950.00 59,950.00
December 31, 2010 55,000.00 2,475.00 57,475.00
Total $ 160,000.00 $ 21,225.00 $181,225.00
Interest Rate - 4%
Levy 2007 Payable 2008
Levy 2008 Payable 2009
Levy 2009 Payable 2010
$ 66,990.00 (includes 5% overlevy)
62,948.00
60,349.00
Total $190286.00
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City of Lino Lakes
2006 Capital Equipment Replacement
Department Description Amount
Police (3) Squad Cars & Equipment $73,500
Total Police 73,500
Fire Capital Equipment 69,100
Fleet Mid -Size Loader w/ Plow Equipment $170,000
Tractor w/ attachments $56,000
1 Ton Pickup w/ Plow $41,000
1/2 Ton Pickup with Plow $27,000
Toro Groundsmaster 325 -D $23,000
Total Fleet 317,000
Total $459,600
Equipment Levy 300,000
Capital Improvement Fund 0
Certificates to be Issued $160,000
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AGENDA ITEM 1 E
STAFF ORIGINATOR Al Rolek
MEETING DATE January 22, 2007
TOPIC Consider Resolution 07 -15 Authorizing the Issuance of the 2007
Certificates of Indebtedness
Simple Majority (3/5)
VOTE REQUIRED
BACKER(
DJ
The 2007 budget called for the issuance of Certificates of Indebtedness in the amount of
$160,000 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 2008, 2009 and 2010 and the levy proceeds will be
credited to the Area and Unit Fund.
The equipment to be funded with the 2007 Certificate of Indebtedness is listed on the attached
schedule.
1. Approve Resolution 07 -15 issuing the 2007 Certificates of Indebtedness
2. Return to staff for further review
RECOMP
Option 1.
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