HomeMy WebLinkAbout13.F.4. Canceling Debt Service Levy for 2010/2011-Res. No. 7036~ ~.
City of Shakopee
Memorandum
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
RE: Canceling Debt Service Levy for 2010/2011
DATE: August 31, 2010
Introduction
Resolution No. 7036 cancels the debt service levy for the Public Works building bond issue and other
improvement bond issues.
Backeround
Attached is the resolution canceling the debt service levy for taxes payable in 2011 for several bonds
issues. There are funds on hand or planned to be transferred into meet scheduled debt service
payments.
The Internal Service Building Fund will transfer money to the debt service fund for the public works
building in 2010 so that the levy for the 2004D bonds can be cancelled according to past Council
direction.
Requested Action
Offer Resolution No. 7036 A Resolution Canceling Debt Service Levy For 2010/2011, and move its
adoption.
regg Voxland
Finance Director
h:\budgetll\budresll
RESOLUTION N0.7036
A RESOLUTION CANCELING DEBT SERVICE LEVY FOR 2010/11
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE, COUNTY OF SCOTT, MINNESOTA, that
the following debt service levies are canceled:
2002A GO Improvement Bonds
2004C GO Improvement Bonds
2004D Capital Improvement Bonds
2006A GO Improvement Bonds
2007A GO Improvement Bonds
2007B GO Improvement Bonds
2008A GO Improvement Bonds
2004E GO Refunding Bonds
$ 94,094
139,994
465,812
343,672
7,784
95,204
149,414
130,261 (partial)
BE IT FURTHER RESOLVED that the following irrevocable transfer is made from the Building Internal
Service Fund to the respective debt service fund in 2010 with the difference of debt service needs being
paid from the fund balance in the debt service fund:
2004D Capital Improvement Bonds $426,000
Adopted in session of the City Council ofthe City of Shakopee, Minnesota held this
day of September, 2010.
Mayor of the City of Shakopee
ATTEST:
City Clerk