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CITY COUNCIL <br />AGENDA ITEM 2C <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: September 28, 2015 <br />TOPIC: Resolution 15-102 Canceling the 2015/2016 Debt Service Tax <br />Levy for G.O. Tax Increment Financing Bond, Series 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 <br />annual tax levy was included in the bond documents for the payment of future debt service. It <br />was fully anticipated that the annual debt service would be satisfied by TIF revenue collections <br />and through the use of MSA funding, and that the tax levy would be evaluated and canceled, if <br />possible, on an annual basis. <br />Following an analysis of the resources available for payment of the ensuing year debt service, <br />staff has concluded that adequate resources are available, and recommends that the debt service <br />tax levy for 2015, collectible in 2016 be canceled by the City Council. By adopting Resolution <br />No. 15-102 the City Council hereby cancels the 2015/2016 debt service levy for this bond <br />issue. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution No. 15-102. <br />ATTACHMENTS <br />Resolution No. 15-102 <br />