HomeMy WebLinkAbout1997-055 Council ResolutionCouncil member Kuether
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 97-55
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 E.A.M
WHEREAS, T.I.F. assistance was given to Emergency Apparatus Maintenance 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.
`,- Gtr
Joh, Landers - Mayor
Marilyn G. Anderson, Clerk Treasurer
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, Lyden, Neal, Landers.
The following voted against same: None.
Where upon said resolution was declared duly passed and adopted:
City of Lino Lakes
Assessment Schedule
EMERGENCY APPARATUS MAINTENANCE
Estimated End Date 2002
Principal 7,098
Interest rate 10%
Number of Years 6
Principal
Area & Unit Principal Interest Total Remaining
1997 1,183 710 1,893 5,915
1998 1,183 592 1,775 4,732
1999 1,183 473 1,656 3,549
2000 1,183 355 1,538 2,366
2001 1,183 237 1,420 1,183
2002 1,183 118 1,301 0
Total 7,098 2,484 9,582
Principal 16,825
Interest rate 10%
Number of Years 6
Principal
Bond Fund Principal Interest Total Remaining
1997 2,804 1,683 4,487 14,021
1998 2,804 1,402 4,206 11,217
1999 2,804 1,122 3,926 8,413
2000 2,804 841 3,645 5,608
2001 2,804 561 3,365 2,804
2002 2,804 280 3,085 (0)
Total 16,825 5,889 22,714
Principal 3,673
Interest rate 10%
Number of Years 6
Principal
Surface Water Principal Interest Total Remaining
1997 612 367 980 3,061
1998 612 306 918 2,449
1999 612 245 857 1,837
2000 612 184 796 1,224
2001 612 122 735 612
2002 612 61 673 0
Total 3,673 1,286 4,959
1997 4,599 2,760 7,359 22,997
1998 4,599 2,300 6,899 18,398
1999 4,599 1,840 6,439 13,798
2000 4,599 1,380 5,979 9,199
2001 4,599 920 5,519 4,599
2002 4,599 460 5,059 (0)