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• <br />• <br />• <br />CITY COUNCIL <br />AGENDA ITEM 1G <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE February 13, 2012 <br />TOPIC Consider Resolution 12 -12 Authorizing the Issuance of the <br />2012 Certificates of Indebtedness <br />VOTE REQUIRED Simple Majority (3/5) <br />BACKGROUND <br />The 2012 budget calls for the issuance of Certificates of Indebtedness in the amount of $150,000 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 />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 2013, 2014 and 2015 and the levy proceeds will be <br />credited to the Area and Unit Fund. <br />The equipment to be funded with the 2012 Certificate of Indebtedness is listed on the attached <br />schedule. <br />RECOMMENDATION <br />Approve Resolution 12 -12 issuing the 2012 Certificates of Indebtedness <br />ATTACHMENTS <br />2012 Capital Equipment Replacement Schedule <br />