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CITY COUNCIL <br />AGENDA ITEM 2F <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: September 25, 2017 <br />TOPIC: Resolution No. 17-107, Canceling the 2017/2018 Debt Service <br />Tax Levy for G.O. Capital Note, Series 2016A <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND <br />In February 2016, the City Council authorized the issuance of a capital note payable to the City <br />of Circle Pines to finance the City of Lino Lakes share of the cost of capital equipment to be <br />used by the North Metro Telecommunications Commission. At the time of issuance, an annual <br />tax levy was included in the bond documents for the payment of future debt service. It was <br />fully anticipated that the annual debt service would be satisfied by collection of fee revenues <br />from the North Metro Telecommunications Commission, and that the tax levy would be <br />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. 17-107, the City Council hereby cancels the 2017/2018 debt service levy for this capital <br />note issue. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution No. 17-107. <br />ATTACHMENTS <br />Resolution No. 17-107 <br />