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7/7/2021 <br />5 <br />PHASE II OF DEBT LEVY PLANNING <br />At the March 9, 2021 City Council work session the Council reviewed two options <br />for the financial management of the next 15 years of street improvements <br />Modifying the pace of improvements, to reduce <br />bond financing and transition to levy support <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />x <br />Continuing the practice of an “annual project”, paid <br />for by bond financing. <br />PHASE II DEBT LEVY -BENEFITS <br />The Council indicated a preference for modifying the pace of <br />improvements due to the following benefits: <br />Overall Debt burden will be reduced at a faster pace. <br />The resulting debt levy decreases will allow for a transition to <br />Infrastructure Levy for long term levy support of street <br />improvements. <br />Residential Street reconstructions anticipated completed by 2037 <br />vs 2032. <br />Infrastructure levy used 100% to support street cost, saving <br />interest costs. <br />Gain flexibility to adjust if other levy demands occur. <br />27