HomeMy WebLinkAbout1997-051 Council ResolutionCouncil member
Kuether
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 97-51
introduced the following
RESOLUTION APPROVING ANNUAL TRANSFERS FROM
TAX INCREMENT FUND 1-7 TO AREA & UNIT FUND,
CLOSED BOND FUND AND SURFACE WATER MANAGEMENT FUND
FOR ASSESSMENT PAYMENTS FOR NOL -TEC
WHEREAS, T.I.F. assistance was given to Nol-Tec for assessments, and
WHEREAS, assessments owed to the City are to be paid with tax increments received,
and
WHEREAS, the City Tax Increment attorney has suggested an assessment schedule
based on the estimated term of the district, and
WHEREAS, the City has developed the assessment schedule with a 10% interest rate,
and
WHEREAS, the schedule may be altered as increment is received.
NOW THEREFORE BE IT RESOLVED, that the attached assessment schedule transfer
be approved.
Adopted by the City Council of Lino Lakes this 12th day of May, 1997.
Marilyn G. Anderson, Clerk Treasurer
n Landers - Mayor
The motion for the adoption of the foregoing resolution was duly seconded by
Neal and upon vote being taken thereon, the following voted in favor thereof:
Bergeson, Kuether, Neal, Lyden, Landers.
The following voted against same: None.
Where upon said resolution was declared duly passed and adopted:
City of Lino Lakes
Assessment Schedule
NOL -TEC
Estimated End Date
2002
Principal 34,190
Interest rate 10%
Number of Years 7
Principal
Area & Unit Principal Interest Total Remaining
1996 4,884 3,419 8,303 29,306
1997 4,884 2,931 7,815 24,421
1998 4,884 2,442 7,326 19,537
1999 4,884 1,954 6,838 14,653
2000 4,884 1,465 6,350 9,769
2001 4,884 977 5,861 4,884
2002 4,884 488 5,373 0
Total 34,190 13,676 47,866
Principal 45,357
Interest rate 10%
Number of Years 7
Principal
Bond Fund Principal Interest Total Remaining
1996 6,480 4,536 11,015 38,877
1997 6,480 3,888 10,367 32,398
1998 6,480 3,240 9,719 25,918
1999 6,480 2,592 9,071 19,439
2000 6,480 1,944 8,423 12,959
2001 6,480 1,296 7,775 6,480
2002 6,480 648 7,128 0
Total 45,357 18,143 63,500
Principal 10,703
Interest rate 10%
Number of Years 7
Principal
Surface Water Principal Interest Total Remaining
1996 1,529 1,070 2,599 9,174
1997 1,529 917 2,446 7,645
1998 1,529 765 2,294 6,116
1999 1,529 612 2,141 4,587
2000 1,529 459 1,988 3,058
2001 1,529 306 1,835 1,529
2002 1,529 153 1,682 0
Total 10,703 4,281
1996 12,893
1997 12,893
1998 12,893
1999 12,893
2000 12,893
2001 12,893
2002 12,893
9,025
7,736
6,446
5,157
3,868
2,579
1,289
14,984
21,918 77,357
20,629 64,464
19,339 51,571
18,050 38,679
16,761 25,786
15,471 12,893
14,182 0