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CITY COUNCIL <br />AGENDA ITEM 2E <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: September 26, 2016 <br />TOPIC: Resolution No. 16-122, Canceling the 2016/2017 Debt Service <br />Tax Levy for G.O. Improvement Bond, Series 2013A <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND <br />At the time that the City issued its G.O. Improvement Bonds, Series 2013A, an annual tax levy <br />was included in the bond documents for the payment of future debt service. It was fully <br />anticipated that the annual debt service would be satisfied by collections of special assessments <br />and through other funding sources, and that the tax levy would be evaluated and canceled, if <br />possible, on an annual basis. <br />Following an analysis of the resources available for payment of the ensuing year debt service, <br />staff has concluded that adequate resources are available, and recommends that the debt service <br />tax levy for 2016, collectible in 2017 be canceled by the City Council. By adopting Resolution <br />No. 16-122 the City Council hereby cancels the 2016/2017 debt service levy for this bond <br />issue. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution No. 16-122. <br />ATTACHMENTS <br />Resolution No. 16-122 <br />