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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