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01/25/2010 Council Packet
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01/25/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
01/25/2010
Council Meeting Type
Regular
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• <br />• <br />• <br />AGENDA ITEM 1J <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE January 25, 2010 <br />TOPIC Consider Resolution 10 -11 Authorizing the Issuance of the 2010 <br />Certificates of Indebtedness <br />Simple Majority (3/5) <br />VOTE REQUIRED <br />:GR1 <br />The 2010 budget calls for the issuance of Certificates of Indebtedness in the amount of $170,000 <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 3.00 %. <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 2011, 2012 and 2013 and the levy proceeds will be <br />credited to the Area and Unit Fund. <br />The equipment to be funded with the 2010 Certificate of Indebtedness is listed on the attached <br />schedule. <br />1. Approve Resolution 10 -11 issuing the 2010 Certificates of Indebtedness. <br />2. Return to staff for further review. <br />Option 1. <br />
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