HomeMy WebLinkAbout2015-008 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 15-08
RESOLUTION AUTHORIZING THE ISSUANCE OF
2015A CERTIFICATES OF INDEBTEDNESS
WHEREAS. the 2015 budget calls for the issuance of certificates amounting to $198.250.00. 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 2016. 2017 and 2018.
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 S198.250.00
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, 2015 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
2015A CERTIFICATE OF INDEBTEDNESS
Know All Men By These Presents that the City of Lino Lakes. Anoka County. Minnesota,
hereby acknowledge the Capital Equipment 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 $198250 plus interest at 1.0%
per annum in three installments in 2016. 2017 and 2018 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 26. 2015
and is issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301. and is to
be effective as of February 1. 2015.
• 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.
Adopted by the Council of the City of Lino Lakes this 26th day of January. 2015.
Rafferty
The motion for the adoption of the foregoing resolution was introduced by Council Member
and was duly seconded by Council MemberSTOESZ and upon vote being taken thereon.
the following voted in favor thereof:.
Rafferty, Stoesz, Roeser,Kusterman, Reinert
The following voted against same:
none
Page 2
ATTEST:
Julia e Bartell. C Cle
Jeff Reinert. avor
Page 3
•
December 31. 2016
December 31. 2017
December 31. 2018
Total
Interest Rate — 1.0%
Levy 2015 Payable 2016
Levy 2016 Payable 2017
Lever 2017 Payable 2018
SCHEDULE OF PAYMENTS
2015A CERTIFICATES OF INDEBTEDNESS
FEBRUARY 1.2015
PRINCIPAL INTEREST TOTAL
$ 65.000.00 $ 3.800.00 $ 68.800.00
67.000.00 1.333.00 68.333.00
66 250.00 663.00 66,913.00
$ 198 250.00 S 5.796.00 $204,046.00
$ 72,240.00 (includes required 5% overlevy)
71.749.00
70,258.00
Total $214.247.00
•
•
Department
Police
Fleet
•
•
City of Lino Lakes
2015 Capital Equipment Replacement
Description
(3) Squad Cars & Equipment
(2) Emergency Sirens
Total Police
Ford F-550 4WD Truck with Dump
Box & Plow (For Hotbox)
Ford F-350 4WD Truck with Dump
Box & Plow
Chevy 1500 V6 4WD
Toolcat w/Attachments (Trade in 143)
Z -Turn Mower (Trade in 141)
Total Fleet
Total
Equipment Levy
Capital Equipment Fund
Certificates to be Issued
Amount
$ 96,000
42,000
138,000
69,500
53,000
28,000
45,000
15.000
210,500
$348.500
0
150,250
$198250
r
•
•
CITY COUNCIL
AGENDA ITEM 1D
STAFF ORIGINATOR Al Rolek
MEETING DATE January 26, 2015
TOPIC Consider Resolution 15-08 Authorizing the Issuance of the
2015A Certificates of Indebtedness
VOTE REQUIRED Simple Majority (3/5)
BACKGROUND
The 2015 budget calls for the issuance of Certificates of Indebtedness in the amount of $198.250 to
be used for the purchase of capital equipment as part of our equipment replacement proms am. The
interest rate on the certificates will be 1.00%.
The Area and Unit Fund has sufficient reserves to these purchase the certificates.
A special levy will pay for this certificate in 2016. 2017 and 2018 and the levy proceeds will be
credited to the Area and Unit Fund.
The equipment to be funded with the 2015A Certificate of Indebtedness is listed on the attached
schedule.
RECOMMENDATION
Staff recommends approval of Resolution 15-08.
ATTACHMENTS
Resolution 15-08
2015 Capital Equipment Replacement Schedule