HomeMy WebLinkAbout1998-080 Council ResolutionCouncil member Bergeson introduced the following
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 98-80
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 RICE INDUSTRIES
WHEREAS, T.I.F. assistance was given to Rice Industries 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 th d
Marilyn G. Anderson, Clerk Treasurer
Ki • - livan - Mayor
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member Lyden and upon vote being taken thereon, the following voted in favor thereof:
Bergeson, Dahl, Neal, Lyden, Sullivan.
The following voted against same: none.
Where upon said resolution was declared duly passed and adopted:
City of Lino Lakes
Assessment Schedule
Rice Industries
Estimated End Date 2001
Principal 10,999
Interest rate 10%
Number of Years 4
Principal
Area & Unit Principal Interest Total Remaining
1998 2,750 1,100 3,850 8,249
1999 2,750 825 3,575 5,499
2000 2,750 550 3,300 2,750
2001 2,750 275 3,025 (0)
Total 10,999 2,750 13,749
Principal 35,030
Interest rate 10%
Number of Years 4
Principal
Bond Fund Principal Interest Total Remaining
1998 8,758 3,503 12,261 26,273
1999 8,758 2,627 11,385 17,515
2000 8,758 1,752 10,509 8,758
2001 8,758 876 9,633 0
Total 35,030 8,758 43,788
Principal 5,231
Interest rate 10%
Number of Years 4
Principal
Surface Water Principal Interest Total Remaining
1998 1,308 523 1,831 3,923
1999 1,308 392 1,700 2,616
2000 1,308 262 1,569 1,308
2001 1,308 131 1,439 0
Total 5,231 1,308 6,539
1996 12,815 5,126 17,941 38,445
1997 12,815 3,845 16,660 25,630
1998 12,815 2,563 15,378 12,815
1999 12,815 1,282 14,097 (0)
51,260 12,815 64,075
Extract of Minutes of Meeting of the
City Council of the
City of Lino Lakes, Minnesota
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Lino Lakes, Minnesota
was duly held at the City Hall in Lino Lakes on Monday, the 8th day
of June, 1998, at 6:30 o'clock P.M.
RESOLUTION NO. 98 - 81
The following councilmembers were present: Bergeson, Dahl,
Lyden, Neal, Sullivan.
and the following were absent: none.
Councilmember Lyden introduced the
following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE
OF $3,000,000 INDUSTRIAL DEVELOPMENT REVENUE BONDS
(MOLIN CONCRETE PRODUCTS PROJECT) SERIES 1998
The motion for the adoption of the foregoing resolution
was duly seconded by Councilmember Dahl
and upon vote
being taken thereon the following voted in favor thereof: Bergeson,
Dahl, Lyden, Neal, Sullivan.
and the following voted against the same: none.
whereupon said resolution was declared duly passed and adopted.
921019.2