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CITY COUNCIL <br />AGENDA ITEM 2G <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: September 26, 2016 <br />TOPIC: Resolution No. 16-124, Canceling the 2016/2017 Debt Service <br />Tax Levy for G.O. Capital Note, Series 2016A <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND <br />At the time that the City issued its G.O. Capital Note, Series 2016A, an annual tax levy was <br />included in the bond documents for the payment of future debt service. It was fully anticipated <br />that the annual debt service would be satisfied by collections of fee revenues from the North <br />Metro Telecommunications Commission, and that the tax levy would be evaluated and <br />canceled, if 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. 16-124 the City Council hereby cancels the 2016/2017 debt service levy for this capital <br />note issue. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution No. 16-124. <br />ATTACHMENTS <br />Resolution No. 16-124 <br />