HomeMy WebLinkAbout2002-002 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 02-02
RESOLUTION AUTHORIZING THE ISSUANCE OF
2002 CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 2002 budget calls for the issuance of certificates amounting to $140,000.00 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 2003, 2004 and 2005.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes that:
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 $140,000.00 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, 2002 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
2002 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 $140,000 plus interest at 6% per annum in three
installments in 2003, 2004 and 2005 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 14th, 2002 and is
issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as
of February 1, 2002.
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 City Council of Lino Lakes, Minnesota, this 14th day of January, 2002.
a..ve
Ann Blair, City Clerk
John Bergeson, Mayor
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December 31, 2003
December 31, 2004
December 31, 2005
Total
Interest Rate - 6%
Levy 2002 Payable 2003
Levy 2003 Payable 2004
Levy 2004 Payable 2005
SCHEDULE OF PAYMENTS
2002 CERTIFICATES OF INDEBTEDNESS -
FEBRUARY 1, 2002
PRINCIPAL
$ 50,000.00
45,000.00
45,000.00
$140,000.00
INTEREST TOTAL
$ 16,100.00 $ 66,100.00
5,400.00 50,400.00
2,700.00 47,700.00
$ 24,200.00 $164,200.00
$ 69,405.00 (includes 5% overlevy)
52,920.00
50,085.00
Total $172,410.00
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AGENDA ITEM 3A
STAFF ORIGINATOR Al Rolek
DATE January 7, 2002
TOPIC Authorizing the Issuance of the 2002 Certificates of Indebtedness
VOTE REQUIRED Simple Majority (3/5)
BACKGROUND
The 2002 budget called for the issuance of Certificates of Indebtedness in the amount of
$140,000 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 2003, 2004 and 2005 and the levy proceeds will be
credited to the Area and Unit Fund.
The equipment to be funded with the 2002 Certificate of Indebtedness is listed on the attached
schedule.
OPTIONS
1 Approve the issuance of the 2002 Certificates of Indebtedness
2. Return to staff for further review
RECOMMENDATION
1. Approve the issuance of the 2002 Certificate of Indebtedness.
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