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AGENDA ITEM 3A <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE January 26, 2004 <br />TOPIC Authorizing the Issuance of the 2004 Certificates of <br />Indebtedness <br />Simple Majority (3/5) <br />VOTE REQUIRED <br />BACKGROUND <br />The 2004 budget called for the issuance of Certificates of Indebtedness in the amount of <br />$274,000 to be used for the purchase of capital equipment as part of our equipment <br />replacement program. <br />The Area and Unit Fund has sufficient reserves to issue a loan to finance these <br />purchases. <br />A Special Levy will pay for this certificate in 2005, 2006 and 2007 and the levy proceeds <br />will be credited to the Area and Unit Fund. <br />• The equipment to be funded with the 2004 Certificate of Indebtedness is listed on the <br />attached schedule. <br />OPTIONS <br />1. Approve Resolution 04 -11 issuing the 2004 Certificates of Indebtedness <br />2. Retum to staff for further review <br />RECOMMENDATION <br />Option 1. <br />A -6 <br />