HomeMy WebLinkAbout1999-001 Council ResolutionL
Council member Lyden introduced the following resolution and move its
adoption:
CITY OF LINO LAKES
RESOLUTION NO. 99-01
RESOLUTION AUTHORIZING THE ISSUANCE OF
1999 CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 1999 budget calls for the issuance of certificates amounting to $307,570 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 2000, 2001 and 2002.
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 $307,570 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, 1999 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
ANOKACOUNTY, MINNESOTA
1999 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 $307,570 plus interest at 6% per annum in three
installments in 2000, 2001, and 2002 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 11, 1999 and is
issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and is to be effective as
of February 1, 1999.
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, Minn
Maril G. Anderson, Clerk Treasurer
sot1th;� Van ary,1999.
•
ayor
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, Dahl, Lyden, Neal,
Sullivan.
The following voted against same: none.
Where upon said resolution was declared duly passed and adopted:
Page 3
SCHEDULE OF PAYMENTS
1999 CERTIFICATES OF INDEBTEDNESS -
FEBRUARY 1, 1998
PRINCIPAL INTEREST TOTAL
December 31, 2000 $ 102,570.00 $ 35,370.00 $ 137,940.00
December 31, 2001 102,500.00 12,300.00 114,800.00
December 31, 2002 102,500.00 6,150.00 108,650.00
Total $ 307,570.00 $ 53,820.00 $ 361,390.00
Interest Rate - 6%
Levy 1999 Payable 2000
Levy 2000 Payable 2001
Levy 2001 Payable 2002
$144,837.00 (includes 5% overlevy)
120,540.00
114,082.00
Total $379,459.00
AGENDA ITEM 4-C
Department
City of Lino Lakes
1999 Certificate of Indebtedness
Description Amount
Administration (2) Laptop computers 3,000
Finance Laser printer/Scanner 4,000
Finance Safe 2,000
Fire Equipment per joint powers agreement 65,800
Government Buildings Fax machine 2,500
Parks Skid steer loader (50%) 17,600
Parks Skid steer loader trailer (50%) 2,000
Parks 1/2 ton 4x4 pickup truck with plow 25,250
Parks Copier 10,200
Parks 10 foot utility trailer 1,250
Police Server/4 laptops 22,720
Police Window Blinds 3,760
Police Break room furnishings 1,900
Police Copier 13,400
Police Shelving 1,200
Police File cabinets 8,890
Police (3) Squad cars 70,000
Streets 1 ton 4x4 dump truck with plow 32,500
Streets Skid steer loader (50%) 17,600
Streets Skid steer loader trailer (50%) 2,000
307,570
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