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CITY COUNCIL <br />AGENDA ITEM 1 E <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE February 10, 2014 <br />TOPIC Consider Resolution 14-16 Authorizing the Issuance of the 2014 <br />Certificates of Indebtedness <br />VOTE REQUIRED Simple Majority (3/5) <br />BACKGROUND <br />The 2014 budget calls for the issuance of Certificates of Indebtedness in the amount of $495,000 <br />to be used for the purchase of capital equipment as part of our equipment replacement program. <br />The interest rate on the certificates will be 1.00%. <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 2015, 2016 and 2017 and the levy proceeds will be <br />credited to the Area and Unit Fund. <br />The equipment to be funded with the 2014 Certificate of Indebtedness is listed on the attached <br />schedule. <br />RECOMMENDATION <br />Staff recommends approval of Resolution 14-16. <br />ATTACHMENTS <br />Resolution 14-16 <br />2014 Capital Equipment Replacement Schedule <br />