HomeMy WebLinkAbout1994-013 Council ResolutionCouncil member Kuether
introduced the
following resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 94 - 13
RESOLUTION AUTHORIZING THE ISSUANCE OF
1994 CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 1994 budget called for the issuance of
certificates amounting to $150,000.
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
1995 and 1996.
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 $150,000 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 March 1, 1994 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
1994 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
$150,000 plus interest at 5% per annum in two installments in 1995
and 1996 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 February 14,
1994 and is issued pursuant to and in full conformity with
Minnesota Statutes, Section 412.301, and is to be effective as of
March 1, 1994.
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 February, 1994.
Vernon F. Reinert -Mayor
Marilyn G. Anderson, Clerk Treasurer
The motion for the adoption
seconded by Neal
thereon, the following voted
Kuether, Neal, Reinert.
of the foregoing resolution was duly
and upon vote being taken
in favor thereof: Bergeson, Elliott,
The following voted against same:
none.
Where upon said resolution was declared duly passed and adopted:
SCHEDULE OF PAYMENTS
.- 1994 CERTIFICATES OF INDEBTEDNESS - $150,000
December 31, 1995
December 31, 1996
Totals:
Interest Rate - 5%
MARCH 1, 1994
PRINCIPAL INTEREST TOTAL
$ 75,000.00 13,150.68 88,150.68
75,000.00 3,750.00 78,750.00
$150,000.00
16,900.68 166,900.68
Special Levy for $175,245.71 ($166,900.68 x 105%)
Levy 1994 Payable 1995 $ 92,558.21
Levy 1995 Payable 1996 $ 82,687.50
Total $175,245.71