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CITY COUNCIL <br />AGENDA ITEM 2A <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: January 14, 2019 <br />TOPIC: Consider Resolution No. 19-05, Authorizing the Issuance of 2019 <br />Certificates of Indebtedness <br />VOTE REQUIRED: 3/5 <br />BACKGROUND <br />The 2019 Adopted Budget — Capital Equipment Replacement Schedule calls for the issuance of <br />Certificates of Indebtedness in the amount of $388,535 to be used for the purchase of capital <br />equipment as part of our equipment replacement program. The interest rate on the certificates will <br />be 1.00%. <br />The Area and Unit Fund (406) has sufficient reserves to issue a loan to finance these purchases. <br />A special levy will pay for this certificate in 2020, 2021 and 2022 and the levy proceeds will be <br />credited to the Area and Unit Fund. <br />The equipment to be funded with the 2019 Certificates of Indebtedness is listed on the attached <br />schedule. <br />RECOMMENDATION <br />Staff recommends the approval of Resolution No. 19-05. <br />ATTACHMENTS <br />2019 Capital Equipment Replacement Schedule <br />Resolution No. 19-05, Authorizing the Issuance of 2019 Certificates of Indebtedness <br />