HomeMy WebLinkAbout2011-091 Council Resolution• adoption:
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Council MemberRafferty introduced the following resolution and moved its
CITY OF LINO LAKES
COUNTY OF ANOKA
RESOLUTION NO. 11 -91
RESOLUTION CANCELING THE 2011/12 DEBT SERVICE TAX LEVY FOR G.O.
TAX INCREMENT FINANCING BOND SERIES 2007A
WHEREAS, a tax levy is scheduled for 2011 to be collected in 2012 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 2011 collectible in
2012.
NOW, THEREFORE BE IT RESOLVED that the tax levy scheduled for 2011 to be collected in 2012 to pay
the debt service on the G.O. Tax Increment Financing Bonds, Se .0 • is hereb - - ncelled.
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e Bartell, City 1 Ierk
Jeff Rein
Adopted by the Lino Lakes City Council this 12th day of September, 2011.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member Roeser
and upon vote being taken thereon, the following voted in favor thereof:
Rafferty, Roeser, Gallup, O'Donnell, Reinert
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 12, 2011
TOPIC Consideration Resolution 11 -91 Canceling the 2011/12 Debt
Service Tax Levy for G.O. Tax Increment Financing Bond Series
2007A
VOTE REQUIRED
BACKGROUND
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 2011 collectible in 2012 be canceled by the City Council. By adopting Resolution 11-
91 the City Council hereby cancels the 2011/12 debt service levy for this bond issue.
OPTIONS
Adopt Resolution 11 -91.
2. Refer back to staff for further review.
RECOMMENDATION
Option 1