HomeMy WebLinkAbout2017-106 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 17-106
RESOLUTION CANCELING THE 2017/2018 DEBT SERVICE TAX LEVY FOR G.O.
BOND, SERIES 2014A
WHEREAS, a tax levy is scheduled for 2017 to be collected in 2018 to pay the debt service on
the G.O. Bond, Series 2014A; 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. Bond, Series 2014A 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:
.AI _
• e Bartell, City Clerk
CITY COUNCIL
AGENDA ITEM 2E
STAFF ORIGINATOR: Sarah Cotton
MEETING DATE: September 25, 2017
TOPIC: Resolution No. 17-106, Canceling the 2017/2018 Debt Service
Tax Levy for G.O. Bond, Series 2014A
VOTE REQUIRED: Simple Majority
BACKGROUND
In October 2014, the City Council awarded the sale of $2,645,000 General Obligation
Improvement Bonds, Series 2014A to finance the extension of 21' Avenue north of Main
Street, infrastructure improvements in the Northpointe development, and the construction of
Well/Wellhouse #6. 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 utility revenues and special assessments, 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. 17-106 the City Council hereby cancels the 2017/2018 debt service levy for this bond
issue.
RECOMMENDATION
Staff recommends adoption of Resolution No. 17-106.
ATTACHMENTS
Resolution No. 17-106