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CITY COUNCIL <br />AGENDA ITEM 2A <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: December 28, 2015 <br />TOPIC: Consider Resolution No. 15-154, Authorizing the Issuance of 2016 <br />Certificates of Indebtedness <br />VOTE REQUIRED: 3/5 <br />BACKGROUND <br />Staff was directed to remove the 2016 Capital Equipment Replacement Schedule from the 2016 <br />Budget which was adopted at the December 14, 2015 City Council meeting, until more information <br />on the equipment requested to be replaced could be provided. The Public Safety and Public Works <br />Capital Equipment Replacement Plans were further discussed at the December 28, 2015 City <br />Council Work Session. <br />The 2016 Capital Equipment Replacement Schedule calls for the issuance of Certificates of <br />Indebtedness in the amount of $469,000 to be used for the purchase of capital equipment as part of <br />our equipment replacement program. The interest rate on the certificates will be 1.00%. <br />The Area and Unit Fund (406) has sufficient reserves to issue a loan to finance these purchases. <br />A special levy will pay for this certificate in 2017, 2018 and 2019 and the levy proceeds will be <br />credited to the Area and Unit Fund. <br />The equipment to be funded with the 2016 Certificates of Indebtedness is listed on the attached <br />schedule. <br />RECOMMENDATION <br />Staff recommends the approval of Resolution No. 15-154. <br />ATTACHMENTS <br />2016 Capital Equipment Replacement Schedule <br />Resolution No. 15-154, Authorizing the Issuance of 2016 Certificates of Indebtedness <br />