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CITY COUNCIL <br />AGENDA ITEM 2C <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE September 8, 2014 <br />TOPIC Consideration Resolution 14-99 Canceling the 2014/2015 Debt <br />Service Tax Levy for G.O. Tax Increment Financing Bond Series <br />2007A <br />VOTE REQUIRED Simple Majority <br />BACKGROUND <br />At the time that the City issued its G.O. Tax Increment Financing Bonds Series 2007A, an annual tax levy <br />was included in the bond documents for the payment of future debt service. It was fully anticipated that the <br />annual debt service would be satisfied by TIF revenue collections and through the use of MSA funding, and <br />that the tax levy would be evaluated and canceled, if possible, on an annual basis. <br />Following an analysis of the resources available for payment of the ensuing year debt service, staff has <br />concluded that adequate resources are available, and recommends that the debt service tax levy for 2014 <br />collectible in 2015 be canceled by the City Council. By adopting Resolution 14-99 the City Council hereby <br />cancels the 2014/2015 debt service levy for this bond issue. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution 14-99. <br />ATTACHMENTS <br />Resolution No. 14-99 <br />