HomeMy WebLinkAbout2013-102 Council Resolution•
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CITY OF LINO LAKES
RESOLUTION NO. 13 -102
RESOLUTION CANCELING THE 2013/14 DEBT SERVICE TAX LEVY FOR G.O.
TAX INCREMENT FINANCING BOND SERIES 2007A
WHEREAS, a tax levy is scheduled for 2013 to be collected in 2014 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 2013
collectible in 2014.
NOW, THEREFORE, BE IT RESOLVED by The City Council of The City of Lino Lakes,
Minnesota that the tax levy scheduled for 2013 to be collected in 2014 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 9th day of September, 2013.
The motion for the adoption of the foregoing resolution was introduced by Council Member
O' Donnel land was duly seconded by Council Member Roeser and upon vote being
taken thereon, the following voted in favor thereof:
O'Donnell, Roeser, Rafferty, Stoesz, Reinert
The following voted against same:
none
ATTEST:
uli.nne Bartell, Ci Cle
Jeff Reinert, yor
CITY COUNCIL
AGENDA ITEM 2C
STAFF ORIGINATOR Al Rolek
MEETING DATE September 9, 2013
TOPIC Consideration Resolution 13 -102 Canceling the 2013/14 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 2013 collectible in 2014 be canceled by the City Council. By adopting Resolution 13 -102 the
City Council hereby cancels the 2013/14 debt service levy for this bond issue.
RECOMMENDATION
Staff recommends adoption of Resolution 13 -102.
ATTACHMENTS
Resolution No. 13 -102
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