HomeMy WebLinkAbout2017-104 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 17-104
RESOLUTION CANCELING THE 2017/2018 DEBT SERVICE TAX LEVY FOR G.O.
TAX INCREMENT FINANCING BOND, SERIES 2007A
WHEREAS, a tax levy is scheduled for 2017 to be collected in 2018 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 2017,
collectible in 2018.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Lino Lakes,
Minnesota, that the tax levy scheduled for 2017 to be collected in 2018 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 25th day of September, 2017.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Kusterman and was duly seconded by Council Member Manthey and upon
vote being taken thereon, the following voted in favor thereof:
Kusterman, Manthey, Maher, Rafferty, Reinert
The following voted against same:
none
ATTEST:
Julia ne Bartell, City lerk
Jeff Reinert, or
CITY COUNCIL
AGENDA ITEM 2C
STAFF ORIGINATOR: Sarah Cotton
MEETING DATE: September 25, 2017
TOPIC: Resolution No. 17-104, Canceling the 2017/2018 Debt Service
Tax Levy for G.O. Tax Increment Financing Bond, Series 2007A
VOTE REQUIRED: Simple Majority
BACKGROUND
In June 2007, the City Council awarded the sale of $4,215,000 General Obligation Tax
Increment Financing Bonds, Series 2007A to finance the reconstruction of the 35W/Lake Drive
interchange and related improvements. At the time of issuance, 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 2017, collectible in 2018 be canceled by the City Council. By adopting Resolution
No. 17-104, the City Council hereby cancels the 2017/2018 debt service levy for this bond
issue.
RECOMMENDATION
Staff recommends adoption of Resolution No. 17-104.
ATTACHMENTS
Resolution No. 17-104