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AGENDA ITEM 1 E <br />• STAFF ORIGINATOR Al Rolek <br />MEETING DATE February 14, 2011 <br />• <br />TOPIC Consider Resolution 11 -18 Authorizing the Issuance of the 2011 <br />Certificates of Indebtedness <br />Simple Majority (3/5) <br />VOTE REQUIRED <br />BACKGROUND <br />The 2011 budget calls for the issuance of Certificates of Indebtedness in the amount of $120,000 <br />to be used for the purchase of capital equipment as part of our equipment replacement program. <br />The interest rate on the certificates will be 1.00 %. <br />The Area and Unit Fund has sufficient reserves to issue a loan to finance these purchases. <br />A special levy will pay for this certificate in 2012, 2013 and 2014 and the levy proceeds will be <br />credited to the Area and Unit Fund. <br />The equipment to be funded with the 2011 Certificate of Indebtedness is listed on the attached <br />schedule. <br />OPTIONS <br />Approve Resolution 11 -18 issuing the 2011 Certificates of Indebtedness. <br />2. Return to staff for further review. <br />RECOMMENDATION <br />P52 <br />