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AGENDA ITEM 2C <br />• <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE September 13, 2010 <br />TOPIC Consideration Resolution 10 -80 Canceling the 2010/11 Debt <br />Service Tax Levy for G.O. Tax Increment Financing Bond Series <br />2007A <br />VOTE REQUIRED <br />Simple Majority <br />At the time that the City issued its G.O. Tax Increment Financing Bonds Series 2007A, an annual <br />tax levy was included in the bond documents for the payment of future debt service. It was fully <br />anticipated that the annual debt service would be satisfied by TIF revenue collections and through <br />the use of MSA funding, and that the tax levy would be evaluated and canceled, if possible, on an <br />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 2010 collectible in 2011 be canceled by the City Council. By adopting Resolution 10- <br />80 the City Council hereby cancels the 2010/11 debt service levy for this bond issue. <br />1. Adopt Resolution 10 -80. <br />2. Refer back to staff for further review. <br />RECOMMENDATION' <br />Option 1 <br />• <br />Page 28A — 28B <br />