HomeMy WebLinkAbout2013-103 Council Resolution•
•
CITY OF LINO LAKES
RESOLUTION NO. 13 -103
RESOLUTION CANCELING THE 2013/14 DEBT SERVICE TAX LEVY FOR G.O.
IMPROVEMENT BOND SERIES 2013A
WHEREAS, a tax levy is scheduled for 2013 to be collected in 2014 to pay the debt service on
the G.O. Improvement Bonds, Series 2013A; 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. Improvement Bonds, Series 2013A 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
Roeser and was duly seconded by Council Member Rafferty and upon vote being
taken thereon, the following voted in favor thereof:
Roeser., Rafferty O'Donnell, Stoesz, Rein
The following voted agails't same:
none
ATTEST:
•
lianne Bartell, Ci
NA
►a•
Jeff Reinert,
•
•
•
CITY COUNCIL
AGENDA ITEM 2D
STAFF ORIGINATOR Al Rolek
MEETING DATE September 9, 2013
TOPIC Consideration Resolution 13 -103 Canceling the 2013/14 Debt
Service Tax Levy for G.O. Improvement Bond Series
2013A
VOTE REQUIRED Simple Majority
BACKGROUND
At the time that the City issued its G.O. Improvement Bonds Series 2013A, 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 collections of special assessments and through other
funding sources, 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 -103 the
City Council hereby cancels the 2013/14 debt service levy for this bond issue.
RECOMMENDATION
Staff recommends adoption of Resolution 13 -103.
ATTACHMENTS
Resolution No. 13 -103