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CITY COUNCIL <br />AGENDA ITEM 2A <br />STAFF ORIGINATOR: Jeff Karlson <br />MEETING DATE: August 24, 2015 <br />TOPIC: Consider Resolution 15-83, Authorizing the Issuance of the 2015B <br />Certificates of Indebtedness <br />VOTE REQUIRED: Simple Majority (3/5) <br />BACKGROUND <br />The 2015 budget calls for the issuance of Certificates of Indebtedness Series "B" in the amount <br />of $963,000 to be used for the purchase of fire capital equipment as part of our equipment <br />replacement program. The interest rate on the certificates will be 1.50%. <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 2016, 2017, 2018, 2019 and 2020 and the levy <br />proceeds will be credited to the Area and Unit Fund. <br />The equipment to be funded with the 2015 Certificate of Indebtedness — Series "B" is listed on <br />the attached schedule. <br />RECOMMENDATION <br />Staff recommends approval of Resolution 15-83. <br />ATTACHMENTS <br />Resolution No. 15-83 <br />2015 Capital Equipment Replacement Schedule <br />