HomeMy WebLinkAbout2010-080 Council Resolutionadoption:
Council MemberGallup
introduced the following resolution and moved its
CITY OF LINO LAKES
COUNTY OF ANOKA
RESOLUTION NO. 10-80
RESOLUTION CANCELING THE 2010/11 DEBT SERVICE TAX LEVY FOR G.O.
TAX INCREMENT FINANCING BOND SERIES 2007A
WHEREAS, a tax levy is scheduled for 2010 to be collected in 2011 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 2010 collectible in
2011.
NOW, THEREFORE BE IT RESOLVED that the tax levy scheduled for 2010 to be collected in 2011 to pay
the debt service on the G.O. Tax Increment Financing Bonds, Series 2007A is her= = cancelled.
•
Julia ne Bartell, City CI k
Jeff Reinert,
Adopted by the Lino Lakes City Council this 13th day of September, 2010.
Rafferty
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:
Galllup Ra ferty Roeser, O'Donnell, Reinert
The o low vo a against same:
Weie °reupon said resolution was declared duly passed and adopted.
Page 28A — 28B
•
•
•
AGENDA ITEM 2C
STAFF ORIGINATOR Al Rolek
MEETING DATE September 13, 2010
TOPIC Consideration Resolution 10 -80 Canceling the 2010/11 Debt
Service Tax Levy for G.O. Tax Increment Financing Bond Series
2007A
VOTE REQUIRED
Simple Majority
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 2010 collectible in 2011 be canceled by the City Council. By adopting Resolution 10-
80 the City Council hereby cancels the 2010/11 debt service levy for this bond issue.
1. Adopt Resolution 10 -80.
2. Refer back to staff for further review.
Option 1
Page 28A — 28B