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2019-123 Council Resolution
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2019-123 Council Resolution
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2/21/2021 10:06:09 PM
Creation date
11/25/2019 4:27:31 PM
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City Council
Council Document Type
Resolutions
Meeting Date
09/23/2019
Council Meeting Type
Regular
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tax levy for 2019, collectible in 2020 be canceled by the City Council. By adopting Resolution <br />No. 19-124, the City Council hereby cancels the 2019/2020 debt service levy for this capital note <br />issue. <br />Taxable G.O. Improvement Refunding Bonds, Series 2016B <br />In September 2005, the City Council awarded the sale of $5,550,000 Taxable General Obligation <br />Improvement Bonds, Series 2005A to finance public improvements in the Legacy at Woods Edge <br />development. At the time of issuance, an annual tax levy was included in the bond documents <br />for the payment of future debt service. It was fully anticipated that the annual debt service would <br />be satisfied by special assessments and that the tax levy would be evaluated and canceled, if <br />possible, on an annual basis. <br />At the October 24, 2016, City Council meeting, the City Council awarded the sale of $1,980,000 <br />Taxable General Obligation Improvement Refunding Bonds, Series 2016B to refinance the <br />outstanding portion of the 2005A Series Bonds issued to fund the Legacy at Woods Edge <br />Improvements. At the time of issuance of the refunding bonds, an annual tax levy was included <br />in the bond documents for the payment of future debt service. It was fully anticipated that the <br />annual debt service would be satisfied by special assessments, TIF, interfund loans (if needed), <br />and future land sale proceeds and that the tax levy would be evaluated and canceled, if possible, <br />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 2019, collectible in 2020 be canceled by the City Council. By adopting Resolution <br />No. 19-125, the City Council hereby cancels the 2019/2020 debt service levy for this bond issue. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution No. 19-123, 19-124, and 19-125. <br />ATTACHMENTS <br />Resolution No. 19-123, 19-124, and 19-125 <br />
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