HomeMy WebLinkAbout1996-001 Council ResolutionCouncil member Neal
its adoption:
introduced the following resolution and move
CITY OF LINO LAKES
RESOLUTION NO. 96-01
RESOLUTION AUTHORIZING THE ISSUANCE OF
1996 CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 1996 budget called for the issuance of certificates amounting to $225,000, 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 1997, 1998 and 1999.
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 $225,000 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 February 1, 1996 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
1996 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 $225,000 plus interest at 6% per annum
in three installments in 1997, 1998 and 1999 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, 1996 and is
issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective
as of February 1, 1996.
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 8th day of January, 1996.
hn Landers, Mayor
Marilyn G•Anderson, Clerk Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by Bergeson and
upon vote being taken thereon, the following voted in favor thereof: Bergeson, Kuether, Lyden, Neal,
Landers
The following voted against same: None.
Where upon said resolution was declared duly passed and adopted:
Page 3
December 31, 1997
December 31, 1998
December 31, 1999
Total
Interest Rate - 6%
SCHEDULE OF PAYMENTS
1996 CERTIFICATES OF INDEBTEDNESS - $225,000
FEBRUARY 1, 1996
PRINCIPAL INTEREST TOTAL
$ 75,000.00 $25,853.42 $100,853.42
75,000.00 9,000.00 84,000.00
75,000.00 4,500.00 79,500.00
$225,000.00 $39,353.42 $264,353.42
Special Levy for $277,571.09 ($264,353.42 x 105%)
Levy 1996 Payable 1997
Levy 1997 Payable 1998
Levy 1998 Payable 1999
$105,896.09
88,200.00
83,475.00
Total $277,571.09