HomeMy WebLinkAbout2016-121 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 16-121
RESOLUTION CANCELING THE 2016/2017 DEBT SERVICE TAX LEVY FOR G.O.
TAX INCREMENT FINANCING BOND, SERIES 2007A
WHEREAS, a tax levy is scheduled for 2016 to be collected in 2017 to pay the debt service on
the G.O. Tax Increment Financing Bonds, Series 2007A; and,
WHEREAS, funds are available from other sources to satisfy such debt service requirements;
and,
WHEREAS, it is the desire of the City Council to cancel such debt service levy for 2016,
collectible in 2017.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Lino Lakes,
Minnesota, that the tax levy scheduled for 2016 to be collected in 2017 to pay the debt service on
the G.O. Tax Increment Financing Bonds, Series 2007A is hereby cancelled.
Adopted by the Council of the City of Lino Lakes this 26th day of September, 2016.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Maher and was duly seconded by Council Member Rafferty and upon
vote being taken thereon, the following voted in favor thereof:
Ma e , Rafferty, Manthey, Kusterman, Reinert
The following voted against same:
none
ATTEST:
Jeff Reine "a or
CITY COUNCIL
AGENDA ITEM 2D
STAFF ORIGINATOR: Sarah Cotton
MEETING DATE: September 26, 2016
TOPIC: Resolution No. 16-121, Canceling the 2016/2017 Debt Service
Tax Levy for G.O. Tax Increment Financing Bond, Series 2007A
VOTE REQUIRED: Simple Majority
BACKGROUND
At the time that the City issued its G.O. Tax Increment Financing Bonds, Series 2007A, an
annual tax levy was included in the bond documents for the payment of future debt service. It
was fully anticipated that the annual debt service would be satisfied by TIF revenue collections
and through the use of MSA funding, and that the tax levy would be evaluated and canceled, if
possible, on an annual basis.
Following an analysis of the resources available for payment of the ensuing year debt service,
staff has concluded that adequate resources are available, and recommends that the debt service
tax levy for 2016, collectible in 2017 be canceled by the City Council. By adopting Resolution
No. 16-121, the City Council hereby cancels the 2016/2017 debt service levy for this bond
issue.
RECOMMENDATION
Staff recommends adoption of Resolution No. 16-121.
ATTACHMENTS
Resolution No. 16-121