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CITY COUNCIL <br />AGENDA ITEM 2E <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: September 25, 2017 <br />TOPIC: Resolution No. 17-106, Canceling the 2017/2018 Debt Service <br />Tax Levy for G.O. Bond, Series 2014A <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND <br />In October 2014, the City Council awarded the sale of $2,645,000 General Obligation <br />Improvement Bonds, Series 2014A to finance the extension of 21' Avenue north of Main <br />Street, infrastructure improvements in the Northpointe development, and the construction of <br />Well/Wellhouse #6. At the time of issuance, an annual tax levy was included in the bond <br />documents for the payment of future debt service. It was fully anticipated that the annual debt <br />service would be satisfied by collections of utility revenues and special assessments, and that <br />the 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. 17-106 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. 17-106. <br />ATTACHMENTS <br />Resolution No. 17-106 <br />