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RECOMMENDATION) <br />• <br />AGENDA ITEM 3A <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE January 27, 2003 <br />TOPIC Authorizing the Issuance of the 2003 Certificates of Indebtedness <br />VOTE REQUIRED Simple Majority (3/5) <br />BACKGROUND <br />The 2003 budget called for the issuance of Certificates of Indebtedness in the amount of <br />$130,000 to be used for the purchase of capital equipment as part of our equipment replacement <br />program. <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 2004, 2005 and 2006 and the levy proceeds will be <br />credited to the Area and Unit Fund. <br />The equipment to be funded with the 2003 Certificate of Indebtedness is listed on the attached <br />schedule. <br />OPTIONS <br />1. Approve Resolution 03 -10 issuing the 2003 Certificates of Indebtedness <br />2. Return to staff for further review <br />Option 1. <br />