HomeMy WebLinkAbout2012-093 Council Resolution•
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CITY OF LINO LAKES
RESOLUTION NO. 12-93
RESOLUTION CANCELING THE 2012/13 DEBT SERVICE TAX LEVY FOR G.O.
TAX INCREMENT FINANCING BOND SERIES 2007A
WHEREAS, a tax levy is scheduled for 2012 to be collected in 2013 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 2012
collectible in 2013.
NOW, THEREFORE, BE IT RESOLVED by The City Council of The City of Lino Lakes,
Minnesota that the tax levy scheduled for 2012 to be collected in 2013 to pay the debt service on
the G.O. Tax Increment Financing Bonds, Series 2007A is hereby cancelled.
Adopted by the Lino Lakes City Council this 10th day of September, 2012.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Roeser and was duly seconded by Council Member Stoesz and upon vote being
taken thereon, the following voted in favor thereof:
Roeser, Stoesz, O'Donnell, Rafferty, Reinert
The following voted against same:
none
ATTEST:
j1
anne Bartell, City Cler
Jeff Reinert r. or
t
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CITY COUNCIL
AGENDA ITEM 2C
STAFF ORIGINATOR Al Rolek
MEETING DATE September 10, 2012
TOPIC Consider Resolution 12 -93 Canceling the 2012/13 Debt
Service Tax Levy for G.O. Tax Increment Financing Bond Series
2007A
VOTE REQUIRED 3/5
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 2012 collectible in 2013 be canceled by the City Council. By adopting Resolution 12 -93 the
City Council hereby cancels the 2012/13 debt service levy for this bond issue.
RECOMMENDATION
Staff recommends adoption of Resolution 12 -93.
ATTACHMENTS
Resolution No. 12 -93