Agenda Packets - 1989/07/24 - Laserfiche WebLink

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and the amount of the limit available for new debt are calculated below. CITY DEBT LIMIT 1989 Market VAlue of Taxable Property $289,770,700 x 2% Debt Subject to Limit: a 5,795,414 1989 Certificates of Indebtedness 8 60,041 Debt Limit Available 8 5,735,373 Theoretically $5,735,373 of general obligation debt (including certificates) could be issued. There are, however, some restrictions on the issuance of Capital Notes and Certificates of Indebtedness. Capital Notes may be issued by home rule charter cities, notwithstanding any contrary provision of other law or charter. The total principle amount that may be issued in any fiscal year shall not exceed 0.03% of the market value of taxable property within the City. For Mounds View issuance of Capital Notes is limited to $86,931 in any given fiscal year. Certificates of Indebtedness may be issued by statutory cities and charter cities subject to debt limits of the City. If the amount to be issued exceeds 0.25% of the market value of taxable property within the City the Certificates shall not be issued for at least 10 days after publication in the official newspaper of a Council resolution determining to issue them. During that ten days: voters may petition for a referendum on the issuance of the Certificates. For the City of Mounds View, 0.25% of the market value of taxable property within the City is $724,427. Issuance of Certificates exceeding that amount would be subject to the publication requirements outlined above. Staff pzoposes that the preliminary proposed levy certified to Ramsey County be $1,108,016. That amount is $35,087 more than the levy proposed in the second draft of the 1990 Budget but is equal to the City's 1989 property tax levy. The only change is to increase the debt levy by $35,087 to allow for issuance of Debt Certificates of $102,169. This preliminary proposed ievv would be a no increase levy when compared to the 1989 levy. It will allow some flexibility in developing the 1990 Budget. The levy may subsequently be adjusted as this certification is the preliminary proposed levy. Certification of a final proposed levy and a final levy is required under current law. The levy may be adjusted downward at these stages in the budget process but may not be adjusted upward.