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CITY COUNCIL <br />AGENDA ITEM 2A <br /> <br /> <br />STAFF ORIGINATOR: Sarah Cotton <br /> <br />MEETING DATE: February 12, 2018 <br /> <br />TOPIC: Consider Resolution No. 18-11, Authorizing the Issuance of 2018 <br />Certificates of Indebtedness <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />BACKGROUND <br /> <br />The 2018 Adopted Budget – Amended Capital Equipment Replacement Schedule calls for the <br />issuance of Certificates of Indebtedness in the amount of $303,900 to be used for the purchase of <br />capital equipment as part of our equipment replacement program. The interest rate on the certificates <br />will be 1.00%. <br /> <br />The Area and Unit Fund (406) has sufficient reserves to issue a loan to finance these purchases. <br /> <br />A special levy will pay for this certificate in 2019, 2020 and 2021 and the levy proceeds will be <br />credited to the Area and Unit Fund. <br /> <br />The equipment to be funded with the 2018 Certificates of Indebtedness is listed on the attached <br />schedule. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends the approval of Resolution No. 18-11. <br /> <br />ATTACHMENTS <br /> <br />2018 Amended Capital Equipment Replacement Schedule <br />Resolution No. 18-11, Authorizing the Issuance of 2018 Certificates of Indebtedness <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />