HomeMy WebLinkAbout1987-061 Council ResolutionRESOLUTION #87 -61
RESOLUTION AUTHORIZING THE ISSUANCE OF A CERTIFICATE OF INDEBTEDNESS FOR CITY
EQUIPMENT IN THE CITY OF LINO LAKES, MINNESOTA.
WHEREAS, the Lino Lakes City Council is desirous of purchasing
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 Annotated 412.301 and in the sum of $73,500.00
would be . necessary in order to purchase the above men-
tioned equipment;
NOW THEREFORE, upon a motion duly made by Harold Bisel
seconded by Vernon Reinert , put and unanimously
•
carried, it was RESOLVED:
1. That a Certificate of Indebtedness in the sum of
$73,500.00 shall be issued by the City of Lino Lakes to
purchase general maintenance and protection equipment,
pursuant to M.S.A. 412.301.
2. That the Lino Lakes City Council authorizes the
City Administrator to negotiate interest on the Certifi-
cate of Indebtedness to be repaid within one (1) year from
the date of issuance. Interest to 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 lavy to pay this prin-
cipal and interest on said Certificate of Indebtedness with
at least five (5 %) percent excess on the tax levy as per
M.S.A. 475.61
RESOLUTION #87- 61
Page Two
4. There is hereby levied upon all taxable property in
the City of Lino Lakes a direct, annual, irrepealable, ad
valorem tax which shall be spread upon the tax rolls and
collected with and as a part of the other general property
taxes in the City in the years and amount as follows:
Year Tax Levy
1988 78,000
5. That said principal shall be paid on the first day of
December, 1988.
6. 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 5th day of October, 1987.
ATTEST:
CITY SEAL
enjamin . Benson, •ayor