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POLICY H3 <br />9/14/05 <br />ITEM: Resolution OS-11 Authorizing the City to Eliminate the 2005 Debt <br />Levy on General Obligation Debt <br />SUBMITTED BY: Roland Olson, Finance Director <br />REVIEWED BY: Heather Worthington, City Administrator <br />EXPLANATION: <br />Summary: Each year, the city is required to pass a resolution stating its intention to either levy <br />for the general obligation debt service, or eliminate its ability to levy for the debt. Falcon <br />Heights has never levied for the general obligation debt, and staff is once again recommending <br />that the Council pass a resolution eliminating the 2006 debt levy on general obligation debt. <br />ATTACHMENT: <br />• Resolution OS-11 <br />• .ACTION REQUESTED: <br />• Approval of Resolution OS-11, Elimination of the 2006 Debt Levy on General Obligation <br />Debt <br />~J <br />