HomeMy WebLinkAbout2008-094 Council Resolutionadoption:
Council Member st o 1 t z introduced the following resolution and moved its
CITY OF LINO LAKES
COUNTY OF ANOKA
RESOLUTION NO. 08-94
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 2008 to be collected in 2009 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 2008 collectible in
2009.
NOW, THEREFORE BE IT RESOLVED that the tax levy scheduled for 2008 to be collected in 2009 to pay
the debt service on the G.O. Tax Increment Financing Bonds, Series 2007A is hereby cancelled.
nne Bartell, City Ieru� k`
JohgiJ. Berg n, M -yor
Adopted by the Lino Lakes City Council this 8th day of September 2008.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
and upon vote being taken thereon, the following voted in favor thereof:
Stoltz, Gallup, Reinert,O'ISonnell, Bergeson
The following voted against same:
none
Whereupon said resolution was declared duly passed and adopted.
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Gallup
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AGENDA ITEM 2D
STAFF ORIGINATOR Al Rolek
MEETING DATE September 8, 2008
TOPIC Consideration Resolution 08 -94 Canceling the 2008/09 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 2008 collectible in 2009 be canceled by the City Council. By adopting Resolution 08-
94 the City Council hereby cancels the 2008 -09 debt service levy for this bond issue.
1. Adopt Resolution 08 -94.
2. Refer back to staff for further review.
Option 1
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