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• <br />• <br />• <br />AGENDA ITEM 2C <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE September 12, 2011 <br />TOPIC Consideration Resolution 11 -91 Canceling the 2011/12 Debt <br />Service Tax Levy for G.O. Tax Increment Financing Bond Series <br />2007A <br />VOTE REQUIRED <br />BACKGROUND <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 2011 collectible in 2012 be canceled by the City Council. By adopting Resolution 11- <br />91 the City Council hereby cancels the 2011/12 debt service levy for this bond issue. <br />OPTIONS <br />Adopt Resolution 11 -91. <br />2. Refer back to staff for further review. <br />RECOMMENDATION <br />Option 1 <br />