HomeMy WebLinkAbout2009-068 Council Resolution•
Council Membe O' Donner introduced the following resolution and moved
its adoption:
CITY OF LINO LAKES
COUNTY OF ANOKA
RESOLUTION NO. 09-68
RESOLUTION CANCELING THE 2008/09 DEBT SERVICE TAX LEVY FOR
G.O. TAX INCREMENT FINANCING BOND SERIES 2007A
WHEREAS, a tax levy is scheduled for 2009 to be collected in 2010 to pay the debt
service on the G.O. Tax Increment Financing Bonds, Series 2007A; 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 2009
collectible in 2010.
NOW, THEREFORE BE IT RESOLVED that the tax levy scheduled for 2009 to be
collected in 2010 to pay the debt service on the G.O. Tax Increment Financing Bonds,
Series 2007A is hereby cancelled.
Ju
ianne Bartell, Cty -rk
Adopted by the Lino Lakes City Council this 14TH day of September 2009.
The motion for the adoption of the foregoing resolution was duly seconded by Council
and upon vote being taken thereon, the following voted in favor thereof:
Stoltz
Reinert, Stoltz, O'Donnell, Gallup, Bergeson
The following voted against same:
none
Whereupon said resolution was declared duly passed and adopted.
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AGENDA ITEM 2C
STAFF ORIGINATOR: Al Rolek
MEETING DATE: September 14, 2009
TOPIC: Consideration Resolution No. 09 -68 Canceling the 2009/10
Debt
Service Tax Levy for G.O. Tax Increment Financing Bond
Series 2007A
VOTE REQUIRED: Simple Majority
BACKGROUND
At the time that the City issued its G.O. Tax Increment Financing Bonds Series 2007A, 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 TIF
revenue collections and through the use of MSA funding, 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 2009 collectible in 2010 be canceled by the City Council. By
adopting Resolution 09 -68 the City Council hereby cancels the 2009/10 debt service levy
for this bond issue.
OPTIONS
1. Adopt Resolution 09 -68.
2. Refer back to staff for further review.
RECOMMENDATION
Option 1
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