HomeMy WebLinkAbout2000-001 Council ResolutionCouncil member NeL5-
introduced the following resolution and moved its
adoption:
CITY OF LINO LAKES
RESOLUTION NO. 2000-01
RESOLUTION AUTHORIZING THE ISSUANCE OF
2000 CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 2000 budget calls for the issuance of certificates amounting to $325,450 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 2001, 2002 and 2003.
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 $325,450 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, 2000 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
2000 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 $325,450 plus interest at 6% per annum in three
installments in 2001, 2002 and 2003 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 10th , 2000 and is
issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as
of February 1, 2000.
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.
Page 2
Adopted by the City Council of Lino Lakes, Minnesota, this ) Oth day of January, 2000.
i"
aej Jia
Ry- C6Sel Gaustad, CMC CityClerk
JBergL on, Mayor
The motion for the adoption of the foregoing resolution was duly seconded by lOa and
upon vote being taken thereon, the following voted in favor thereof:
The following voted against same:
Where upon said resolution was declared duly passed and adopted:
Page 3
SCHEDULE OF PAYMENTS
2000 CERTIFICATES OF INDEBTEDNESS -
FEBRUARY 1, 2000
PRINCIPAL INTEREST TOTAL
December 31, 2001 $ 108,550.00 $ 37,427.00 $ 145,977.00
December 31, 2002 108,450.00 13,014.00 121,464.00
December 31, 2003 108,450.00 6,507.00 114,957.00
Total $ 325,450.00 $ 56,948.00 $ 382,398.00
Interest Rate - 6%
Levy 2000 Payable 2001
Levy 2001 Payable 2002
Levy 2002 Payable 2003
$153,276.00 (includes 5% overlevy)
127,537.00
120,705.00
Total $401,518.00
L_ City of Lino Lakes
2000 Budget - Certificate of Indebtedness
Department Description Amount
Administration Copier 15,000
Government Buildings Repeater for Communication 12,000
Elections Accuvote Computer 5,100
Finance Epson Printer 2,000
Fire Capital Outlay 66,100
Police Monitor 450
Police VCR 300
Police Patrol Squads and Set up 72,600
Police Emergency Light Bar 1,750
Police Emergency Switch/Siren Box 900
Police Radar Unit 2,250
Police 2 Computers 4,000
Parks
Parks
Streets
Streets
Truck
Rake Attachment for Skid Steer
Black Top Roller and Trailer
Partial amount for Street Sweeper
35,000
8,000
40,000
60.000
Total 325,450