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2017-108 Council Resolution
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2017-108 Council Resolution
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10/2/2017 3:06:21 PM
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10/2/2017 1:30:14 PM
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City Council
Council Document Type
Resolutions
Meeting Date
09/25/2017
Council Meeting Type
Regular
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CITY COUNCIL <br />AGENDA ITEM 2G <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: September 25, 2017 <br />TOPIC: Resolution No. 17-108, Canceling the 2017/2018 Debt Service <br />Tax Levy for Taxable G.O. Improvement Refunding Bonds, <br />Series 2016B <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND <br />In September 2005, the City Council awarded the sale of $5,550,000 Taxable General <br />Obligation Improvement Bonds, Series 2005A to finance public improvements in the Legacy at <br />Woods Edge development. At the time of issuance, an annual tax levy was included in the <br />bond documents for the payment of future debt service. It was fully anticipated that the annual <br />debt service would be satisfied by special assessments and that the tax levy would be evaluated <br />and canceled, if possible, on an annual basis. <br />At the October 24, 2016, City Council meeting, the City Council awarded the sale of <br />$1,980,000 Taxable General Obligation Improvement Refunding Bonds, Series 2016B to <br />refinance the outstanding portion of the 2005A Series Bonds issued to fund the Legacy at <br />Woods Edge Improvements. At the time of issuance of the refunding bonds, 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 special assessments, TIF, <br />interfund loans (if needed), and future land sale proceeds 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. 17-108, 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. 17-108. <br />ATTACHMENTS <br />Resolution No. 17-108 <br />
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