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• <br />• <br />• <br />CITY COUNCIL <br />AGENDA ITEM 2D <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE September 9, 2013 <br />TOPIC Consideration Resolution 13 -103 Canceling the 2013/14 Debt <br />Service Tax Levy for G.O. Improvement Bond Series <br />2013A <br />VOTE REQUIRED Simple Majority <br />BACKGROUND <br />At the time that the City issued its G.O. Improvement Bonds Series 2013A, an annual tax levy was <br />included in the bond documents for the payment of future debt service. It was fully anticipated that <br />the annual debt service would be satisfied by collections of special assessments and through other <br />funding sources, and that the tax levy would be evaluated and canceled, if possible, on an annual <br />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 2013 collectible in 2014 be canceled by the City Council. By adopting Resolution 13 -103 the <br />City Council hereby cancels the 2013/14 debt service levy for this bond issue. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution 13 -103. <br />ATTACHMENTS <br />Resolution No. 13 -103 <br />