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• <br />• <br />• <br />AGENDA ITEM 2C <br />STAFF ORIGINATOR: Al Rolek <br />MEETING DATE: September 14, 2009 <br />TOPIC: Consideration Resolution No. 09 -68 Canceling the 2009/10 <br />Debt <br />Service Tax Levy for G.O. Tax Increment Financing Bond <br />Series 2007A <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND <br />At the time that the City issued its G.O. Tax Increment Financing Bonds Series 2007A, an <br />annual tax levy was included in the bond documents for the payment of future debt <br />service. It was fully anticipated that the annual debt service would be satisfied by TIF <br />revenue collections and through the use of MSA funding, and that the tax levy would be <br />evaluated and canceled, if possible, on an annual basis. <br />Following an analysis of the resources available for payment of the ensuing year debt <br />service, staff has concluded that adequate resources are available, and recommends that <br />the debt service tax levy for 2009 collectible in 2010 be canceled by the City Council. By <br />adopting Resolution 09 -68 the City Council hereby cancels the 2009/10 debt service levy <br />for this bond issue. <br />OPTIONS <br />1. Adopt Resolution 09 -68. <br />2. Refer back to staff for further review. <br />RECOMMENDATION <br />Option 1 <br />Page 28A — 28B <br />