HomeMy WebLinkAbout2015-083 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 15-83
RESOLUTION AUTHORIZING THE ISSUANCE OF
2015B CERTIFICATES OF INDEBTEDNESS
WHEREAS, the 2015 budget calls for the issuance of certificates amounting to $963,000.00 and
WHEREAS, the Area and Unit Fund (406) has sufficient reserves to issue a loan, and
WHEREAS, a special levy will pay certificates in 2016, 2017, 2018, 2019, and 2020.
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 fire capital equipment, in
accordance with the provisions of Minnesota Statutes, Section 412.301; and that the sale of said
Certificates to the Capital Equipment Revolving Fund (402), on terms hereinafter set forth, is
hereby ordered.
2. The City shall issue a Certificate of Indebtedness in the amount of $963,000.00
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
August 25, 2015 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
2015B CERTIFICATE OF INDEBTEDNESS
Know All Men By These Presents that the City of Lino Lakes, Anoka County, Minnesota,
hereby acknowledge the Capital Equipment 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 $963,000 plus interest at 1.5%
per annum in five installments in 2016, 2017, 2018, 2019 and 2020 per attached schedule.
This Certificate is issued for the purpose of purchasing fire capital equipment for the City
and is authorized by a duly adopted resolution of the City Council of Lino Lakes, dated August 24,
2015 and is issued pursuant to and in full conformity with Minnesota Statutes, Section 412.301, and
is to be effective as of August 25, 2014.
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
i
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.
Adopted by the Council of the City of Lino Lakes this 24th day of August 2015.
The motion for the adoption of the foregoing resolution was introduced by Council Member
4o.eseFand was duly seconded by Council Membeiicusterg upon vote being taken thereon,
the following voted in favor thereof:.
Roeser, Kusterman, Rafferty, SToesz, Reinert
The following voted against same:
none
Jeff Reinert, M - y
ATTEST:
Juli e Bartell, City C rk
SCHEDULE OF PAYMENTS
2015B CERTIFICATES OF INDEBTEDNESS
December 31, 2016
December 31, 2017
December 31, 2018
December 31, 2019
December 31, 2020
Total
Interest Rate — 1.5%
Levy 2015 Payable 2016
Levy 2016 Payable 2017
Levy 2017 Payable 2018
Levy 2018 Payable 2019
Levy 2019 Payable 2020
August 25, 2015
PRINCIPAL
$ 177,000.00
193,000.00
195,000.00
197,000.00
201,000.00
$ 963,000.00
INTEREST
$ 27,686.00
11,790.00
8,895.00
5,970.00
3,015.00
$ 57,356.00
TOTAL
$ 204,686.00
204,790.00
203,895.00
202,970.00
204,015.00
$ 1,020,356.00
$ 214,921.00 (includes required 5% over levy)
215,030.00
214,090.00
213,119.00
214,216.00
Total $1,071,376.00
City of Lino Lakes
.-. 2015 Capital Equipment Replacement
Department Description Amount
Fire
Fire Apparatus ( 1 engine & 1 utility) $300,000
Turnout Gear 240,000
SCBA (30) 150,000
Communications (portables & vehicle radio) 200,000
Fire Pagers 24,000
Rescue Tools 25,000
Thermal Imaging (2) 9,000
Hose 15,000
Total Fire $963,000
Series `B' Certificates to be Issued $963,000