HomeMy WebLinkAbout2001-004 Council ResolutionCouncil member Dahl introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 2001 -04
RESOLUTION AUTHORIZING THE ISSUANCE OF
2001 CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 2001 budget calls for the issuance of certificates amounting to $332,030.00 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 2002, 2003 and 2004.
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 Improvement Project Fund (401), on terms hereinafter set forth, is hereby ordered.
2. The City shall issue a Certificate of Indebtedness in the amount of $332,030.00 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, 2001 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
2001 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 $332,030 plus interest at 6% per annum in three
installments in 2002, 2003 and 2004 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 8th, 2001 and is
issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as
of February 1, 2001.
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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Adopted by the City Council of Lino Lakes, Minnesota, this 8th day of January, 2001.
Ry- a Gaustad, C C City Clerk
John r esMa
9 � Y
The motion for the adoption of the foregoing resolution was duly seconded by O'Donnell and upon vote being
taken thereon, the following voted in favor thereof: ALL
The following voted against same:NONE
Where upon said resolution was declared duly passed and adopted:
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SCHEDULE OF PAYMENTS
2001 CERTIFICATES OF INDEBTEDNESS -
FEBRUARY 1, 2001
PRINCIPAL INTEREST TOTAL
December 31, 2002 $ 111,030.00 $ 38,183.00 $ 149,213.00
December 31, 2003 110,000.00 13,260.00 124,260.00
December 31, 2004 110,000.00 6,600.00 116,600.00
Total $ 332,030.00 $ 58,043.00 $ 390,073.00
Interest Rate - 6%
Levy 2001 Payable 2002
Levy 2002 Payable 2003
Levy 2003 Payable 2004
$156,674.00 (includes 5% overlevy)
130,473.00
122,430.00
Total $409,577.00