HomeMy WebLinkAbout1998-014 Council ResolutionCouncil member Lyden introduced the following resolution and move its
adoption:
CITY OF LINO LAKES
RESOLUTION NO. 98-14
RESOLUTION AUTHORIZING THE ISSUANCE OF
1998 CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 1998 budget called for the issuance of certificates amounting to $287,734, 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 1999, 2000 and 2001.
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 hereinafterset forth, is hereby ordered.
2. The City shall issue a Certificate of Indebtedness in the amount of $287,734 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, 1998 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
1998 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 $287,734 plus interest at 6% per annum in three
installments in 1999, 2000 and 2001 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 9, 1998 and is
issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as
of February 1, 1998.
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, Minnep
-`11 V \,c 9, .)
February, 1998.
rlyAu Ivan, Mayor
Ma rilyai G. Andcrson, Clcrk T.osurcr
The motion for. -the adoption of the foregoing resolution was duly seconded by RPrc7Pgnn 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
1998 CERTIFICATES OF INDEBTEDNESS- $287,734
FEBRUARY1, 1998
PRINCIPAL INTEREST TOTAL
December31, 1998 $ 95,734.00 $33,052.00 $128,786.00
December 31, 1999 96,000.00 11,520.00 107,520.00
December 31, 2000 96,000.00 5,760.00 101,760.00
Total $287,734.00 $50,332.00 $338,066.00
Interest Rate - 6%
Levy 1998 Payable 1999
Levy 1999 Payable 2000
Levy 2000 Payable 2001
$135,225.00 (includes 5% overlevy)
107,520.00
101,760.00
Total $344,505.00