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CITY COUNCIL <br />AGENDA ITEM 2D <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: September 25, 2017 <br />TOPIC: Resolution No. 17-105, Canceling the 2017/2018 Debt Service <br />Tax Levy for G.O. Improvement Bond, Series 2013A <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND <br />In June 2013, the City Council awarded the sale of $615,000 Taxable General Obligation <br />Improvement Bonds, Series 2013A to finance the extension of Otter Lake Road north of CSAH <br />14. At the time of issuance, an annual tax levy was included in the bond documents for the <br />payment of future debt service. It was fully anticipated that the annual debt service would be <br />satisfied by collections of special assessments and through other funding sources, and that the <br />tax levy would be evaluated and 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 2017, collectible in 2018 be canceled by the City Council. By adopting Resolution <br />No. 17-105 the City Council hereby cancels the 2017/2018 debt service levy for this bond <br />issue. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution No. 17-105. <br />ATTACHMENTS <br />Resolution No. 17-105 <br />