HomeMy WebLinkAbout2014-099 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 14-99
RESOLUTION CANCELING THE 2014/2015 DEBT SERVICE TAX LEVY FOR G.O.
TAX INCREMENT FINANCING BOND SERIES 2007A
WHEREAS, a tax levy is scheduled for 2014 to be collected in 2015 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 2014 collectible in
2015.
NOW, THEREFORE, BE IT RESOLVED by The City Council of The City of Lino Lakes, Minnesota
that the tax levy scheduled for 2014 to be collected in 2015 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 8th day of September, 2014.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Roeser and was duly seconded by Council Member Kusterman and upon vote being
taken thereon, the following voted in favor thereof:
Roeser, Kusterman, Rafferty, Stoesz, Rei
The following voted against same:
none
ATTEST:
e Bartell, City ler
Jeff Reinert, M. yor
CITY COUNCIL
AGENDA ITEM 2C
STAFF ORIGINATOR Al Rolek
MEETING DATE September 8, 2014
TOPIC Consideration Resolution 14-99 Canceling the 2014/2015 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 2014
collectible in 2015 be canceled by the City Council. By adopting Resolution 14-99 the City Council hereby
cancels the 2014/2015 debt service levy for this bond issue.
RECOMMENDATION
Staff recommends adoption of Resolution 14-99.
ATTACHMENTS
Resolution No. 14-99