HomeMy WebLinkAbout26-170 - Resolution - Cancellation 2027 Debt Service Prperty Tax LeviesCITY OF LINO LAKES
RESOLUTION NO.26-170
CANCELLATION OF CERTAIN 2027 DEBT SERVICE PROPERTY TAX LEVIES
WHEREAS, capital notes were issued in 2026 to finance the Otter Lake Road Extension
and the Public Works Facility; and
WHEREAS, a tax levy is scheduled for taxes payable 2027 to pay the debt service on the
2026A G.O. Tax Abatement Street and Storm Bonds and the 2026A EDA Lease Revenue Bonds;
and
WHEREAS, the City Council has reviewed the City's outstanding debt obligations and the
sources of funds available for the payment of principal and interest on such obligations; and
WHEREAS, the City Council has determined that the property tax levies previously
established or certified in connection with the obligations identified below are no longer
necessary in the amounts previously contemplated because sufficient funds from other legally
available sources have been identified and are available to provide for the payment of the
applicable debt obligations; and
WHEREAS, Minnesota State Statute, Section 475.61, provides procedures under which
amounts otherwise required to be levied for debt service may be reduced when sufficient funds
have been appropriated or are otherwise available for the payment of the City's obligations;
and
WHEREAS, the City Council finds that the cancellation of the property tax levies
described herein will not impair the City's ability to make timely payment of principal and
interest on its outstanding obligations; and
WHEREAS, the City Council desires to direct the appropriate City officials to notify Anoka
County of the cancellation of the applicable property tax levies and to take all actions necessary
to implement this resolution.
NOW, THEREFORE, BE IT RESOLVED by the City Council of Lino Lakes, Minnesota as
follows:
1. 2026A G.O. Bond — Tax Abatement Street & Storm.
The City Council hereby authorizes the cancellation of the property tax levy in the amount
of $665,175.00 associated with the 2026A General Obligation Bonds, Series 2026A — Tax
Abatement Street & Storm.
The City Council finds and determines that sufficient funds are available from the following
identified sources to provide for the applicable debt service obligations:
• Fund 406 — Area & Unit Fund
Fund 420 — Municipal State Aid Fund
The City Council therefore determines that the previously contemplated property tax levy
of $665,175.00 for this obligation is no longer necessary and shall be cancelled or reduced to the
extent permitted by law.
2. 2026A EDA Lease Revenue Bonds.
The City Council hereby authorizes the cancellation of the property tax levy in the amount
of $821,055.28 associated with the 2026A EDA Lease Revenue Bonds.
The City Council finds and determines that sufficient funds are available from the following
identified sources to provide for the applicable debt service obligations:
Fund 401 — Building & Facilities Fund
Fund 406 — Area & Unit Fund
Fund 601 — Water Operating Fund
Fund 602 — Sewer Operating Fund
The City Council therefore determines that the previously contemplated property tax levy
of $821,055.28 for this obligation is no longer necessary and shall be cancelled or reduced to the
extent permitted by law.
3. Total Levy Cancellation.
The total amount of property tax levy identified for cancellation pursuant to this resolution
is $1,486,230.28, consisting of:
Obligation Amount
2026A G.O. Bond — Tax Abatement Street & Storm $665,175.00
2026A EDA Lease Revenue Bonds $821,055.28
Total $1,486,230.28
Adopted by the City Council of the City of Lino Lakes this 14th day of September 2026.
Ro Ra ferty, Mayor
ATTEST:
Roberta Colotti, CMC
City Clerk