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t <br />0 <br />• <br />CITY COUNCIL <br />AGENDA ITEM 2C <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE September 10, 2012 <br />TOPIC Consider Resolution 12 -93 Canceling the 2012/13 Debt <br />Service Tax Levy for G.O. Tax Increment Financing Bond Series <br />2007A <br />VOTE REQUIRED 3/5 <br />BACKGROUND <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, staff <br />has concluded that adequate resources are available, and recommends that the debt service tax levy <br />for 2012 collectible in 2013 be canceled by the City Council. By adopting Resolution 12 -93 the <br />City Council hereby cancels the 2012/13 debt service levy for this bond issue. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution 12 -93. <br />ATTACHMENTS <br />Resolution No. 12 -93 <br />