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<br /> <br /> <br />CITY COUNCIL <br />AGENDA ITEM 1D <br /> <br /> <br />STAFF ORIGINATOR Al Rolek <br /> <br />MEETING DATE February 10, 2014 <br /> <br />TOPIC Consider Resolution 14 -16 Authorizing the Issuance of the 2014 <br /> Certificates of Indebtedness <br /> <br />VOTE REQUIRED Simple Majority (3/5) <br /> <br /> <br /> <br /> <br />The 20 14 budget calls for the issuance of Certificates of Indebtedness in the amount of $495,000 to <br />be used for the purchase of capital equipment as part of our equipment replacement program. The <br />interest rate on the certificates will be 1.00%. <br /> <br />The Area and Un it Fund has sufficient reserves to issue a loan to finance these purchases. <br /> <br />A special levy will pay for this certificate in 2015, 2016 and 2017 and the levy proceeds will be <br />credited to the Area and Unit Fund. <br /> <br />The equipment to be funded with the 2014 Cer tificate of Indebtedness is listed on the attached <br />schedule. <br /> <br /> <br /> <br /> <br />Staff recommends approval of Resolution 14 -16. <br /> <br />ATTACHMENTS <br /> <br />Resolution 14 -16 <br />2014 Capital Equipment Replacement Schedule <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />BACKGROUND <br />RECOMMENDATION