HomeMy WebLinkAbout2017-107 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 17-107
RESOLUTION CANCELING THE 2017/2018 DEBT SERVICE TAX LEVY FOR G.O.
CAPITAL NOTE, SERIES 2016A
WHEREAS, a tax levy is scheduled for 2017 to be collected in 2018 to pay the debt service on
the G.O. Capital Note, Series 2016A; 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. Capital Note, Series 2016A 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
A.
Jeff Reine •, 9'ayor
ATTEST:
Juli. e Bartell, C. Cler
CITY COUNCIL
AGENDA ITEM 2F
STAFF ORIGINATOR: Sarah Cotton
MEETING DATE: September 25, 2017
TOPIC: Resolution No. 17-107, Canceling the 2017/2018 Debt Service
Tax Levy for G.O. Capital Note, Series 2016A
VOTE REQUIRED: Simple Majority
BACKGROUND
In February 2016, the City Council authorized the issuance of a capital note payable to the City
of Circle Pines to finance the City of Lino Lakes share of the cost of capital equipment to be
used by the North Metro Telecommunications Commission. 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 collection of fee revenues
from the North Metro Telecommunications Commission, 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. 17-107, the City Council hereby cancels the 2017/2018 debt service levy for this capital
note issue.
RECOMMENDATION
Staff recommends adoption of Resolution No. 17-107.
ATTACHMENTS
Resolution No. 17-107