HomeMy WebLinkAbout2017-105 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 17-105
RESOLUTION CANCELING THE 2017/2018 DEBT SERVICE TAX LEVY FOR G.O.
IMPROVEMENT BOND, SERIES 2013A
WHEREAS, a tax levy is scheduled for 2017 to be collected in 2018 to pay the debt service on
the G.O. Improvement Bonds, Series 2013A; 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. Improvement Bonds, Series 2013A 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:
ulianne Bartell, ty erk
CITY COUNCIL
AGENDA ITEM 2D
STAFF ORIGINATOR: Sarah Cotton
MEETING DATE: September 25, 2017
TOPIC: Resolution No. 17-105, Canceling the 2017/2018 Debt Service
Tax Levy for G.O. Improvement Bond, Series 2013A
VOTE REQUIRED: Simple Majority
BACKGROUND
In June 2013, the City Council awarded the sale of $615,000 Taxable General Obligation
Improvement Bonds, Series 2013A to finance the extension of Otter Lake Road north of CSAH
14. 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 collections of special assessments and through other funding sources, 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. 17-105 the City Council hereby cancels the 2017/2018 debt service levy for this bond
issue.
RECOMMENDATION
Staff recommends adoption of Resolution No. 17-105.
ATTACHMENTS
Resolution No. 17-105