HomeMy WebLinkAbout80-108 CITY OF LAKEVILLE
RESOLUTION
Date September 30, 1980 Resolution No. 80-108
Motion by Zaun Seconded. by Nelson
RESOLUTION PRESCRIBING FORM FOR CERTIFICATES OF
INDEBTEDNESS AND MAKING TAX LEVY
WHEREAS, Minnesota Statutes 475.61 requires the council of
any municipality issuing obligations to levy by resolution prior to
delivery of the obligations a general tax for the payment when due of
the principal and interest on the obligations.
BE IT RESOLVED BY THE CITY COUNCIL OF LAKEVILLE, MINNESOTA:
1. The City shall forthwith issue its negotiable general
obligation street and fire equipment certificates of indebtedness in
the amount of $134,600 dated October 1 1980.
2. Such certificates shall be in substantially the following
form:
CITY OF LAKEVLLLE
CERTIFICATE5 OF INDEBTEDNESS
OF 1980
DATED OCTOBER 1, 1980
The City of Lakeville, in,the County of Dakota and the State of
Minnesota for value received promises to pay to First. Lakville State
Bank the principal amounts shown below opposite. the respective stated
maturity dates. The interest shall be paid quarterly on January 1,
April 1, July 1 and October 31 based on the unpaid balance at the rate
of interest opposite the year of maturity as shown below.
Maturity Principal'.. Rate of
Date Amount Interest
October 1, 1981 $26,920..: 7.500"
October 1, 1982 $26,920 7.50%
October 1, 1983 $26,920 7.500
October 1, 1984 $26,920 7.50
October 1, 1985 $26,920' 7.50
This certificate of indebtedness is issued by authority of a res-
olution passed by the City Council of .Lakeville on September 30, 1980.
pursuant to Minnesota Sfatutes Section 412.301.
The principal and interest of-.this certificate are payable out of
the money in the treasury of the City and the full faith and credit of
the City are irrevocably pledged for the redemption of this certificate.
In testimony whereof the City of Lakeville has caused this cer-
tificate to be signed by its mayor and clerk and its corporate seal
affixed this 30th day of September, 1980.
f
Go on Lekson
Mayor
{SEAL)
atrick E. McGarvey
Clerk
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3. The certificate shall be prepared under the direction of
the city clerk and shall be executed on behalf of the City by the sig-
nature of the mayor and ctg clerk. When the certificates have been.
properly executed, they shall be delivered by the city treasurer to
the purchaser on receipt of the purchase price .theretofore agreed upon,
and the purchaser shall not be required to see to the application thereof.
4. There is hereby created a special account in the debt
service fund which shall be used only for. paying principal and interest
on certificates of indebtedness issued pursuant to this resolution.
Into this fund. shall be paid all receipts from the taxes levied in this
resolution and any. other money appropriated to the fund from any other
source. If any principal or interest on the certificates becomes due
when there is not sufficient money in the fund to pay it, the city
treasurer shall make up the deficit from the general fund of the city
and the general fund shall be reimbursed for such advances from the
proceeds of the taxes levied in this resolution and all other moneys
received for or appropriated to the payment of principal and interest.
5. There is hereby created street and fire capital outlay
accounts in the General Fund.. Into this fund shall be paid the proceeds
of the sale of the certificates authorized by this resolution and from
this .fund shall be paid all expenses incurred for the purchase of the
street and fire equipment to be financed by such proceeds.
6. For the prompt and full payment of the principal and interest
on such certificates of indebtedness when due, the full faith, credit
and taxing powers of the city are hereby irrevocably pledged. To provide
moneys for such payment, there is hereby levied ,upon all the taxable
property in the city a direct, annual, irrepealable, ad valorem tax
which shall be spread upon the tax rolls and collected with and as a
part of the other general property taxes in the city in the years and
amounts as follows:
Year Tax Levy
1980 $38,866
1981 $36,746
1982 $34,620
1983 $32,506
1984 $30,386
Such tax levy shall be irrepealable until all of the principal and
interest on such certificates are paid. The treasurer is directed to
certify to the county auditor of Dakota County om or before October 10
in each year the amount on hand and available from"any source and: which
has been appropriated to the sinking fund to be used to pay the principal
and interest on these certificates and to direct the .county to reduce
the levy for such year by that amount.
7. The city clerk is hereby authorized and directed to file
a certified copy of this resolution with the county auditor of Dakota
County together with such .information as he shall require and to obtain
.from the county auditor a certificate that these certificates of indebted-
ness have been entered on his bond register and. the tax has been levied
as-required by law.
8. The mayor, city clerk and city treasurer as the officers
of the City charged with the responsibility for issuing the obligations
pursuant to this resolution, are authorized and directed to execute
and deliver to the purchaser a certificate sufficient to meet the
requirements of the Internal Revenue Code Section 103(4) and the rules
and regulations promulgated under that section. Such certificates shall
estate that the proceeds of the certificates of indebtedness will not
be used in such a manner as would cause the certificates to be arbitrage
bonds. The certificates shall further state that to the. best of the
knowledge and belief of the certified officers there are no other facts,
estimates or circumstances that would materially change such expectation.
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y
ADOPTED by the City Council this 30th day of September, 1980.
CITY OF LAKEVILLE
BY
Gordon Lekson, ayor
ATTEST:
/ l~~"~
trick E. McGarvey, City Cl
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