HomeMy WebLinkAbout2015-102 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 15-102
RESOLUTION CANCELING THE 2015/2016 DEBT SERVICE TAX LEVY FOR G.O.
TAX INCREMENT FINANCING BOND, SERIES 2007A
WHEREAS, a tax levy is scheduled for 2015 to be collected in 2016 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 2015,
collectible in 2016.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Lino Lakes,
Minnesota, that the tax levy scheduled for 2015 to be collected in 2016 to pay the debt service on
the G.O. Tax Increment Financing Bonds, Series 2007A is hereby cancelled.
Adopted by the Council of the City of Lino Lakes this 28th day of September, 2015.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Kusterman and was duly seconded by Council Member Roeser and upon
vote being taken thereon, the following voted in favor thereof:
Kusterman, Roeser, Rafferty, Stoesz, Reinert
The following voted against same:
none
ATTEST:
Julia e Bartell, City Cler
CITY COUNCIL
AGENDA ITEM 2C
STAFF ORIGINATOR: Sarah Cotton
MEETING DATE: September 28, 2015
TOPIC: Resolution 15-102 Canceling the 2015/2016 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 2015, collectible in 2016 be canceled by the City Council. By adopting Resolution
No. 15-102 the City Council hereby cancels the 2015/2016 debt service levy for this bond
issue.
RECOMMENDATION
Staff recommends adoption of Resolution No. 15-102.
ATTACHMENTS
Resolution No. 15-102