HomeMy WebLinkAbout13.F.3. Canceling Debt Service Levy for 2011/2012-Res. No. 7118/ 3 , r s
City of Shakopee
Memorandum
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Julie A. Linnihan, Finance Director
RE: Canceling Debt Service Levy for 2011/2012
DATE: August 31, 2011
Introduction
Resolution No. 7118 cancels the debt service levy for the Public Works building bond issue and select
other improvement bond issues.
Background
The Internal Service Building Fund will transfer money to the debt service fund for the public works
building in 2011 so that the levy for the 2004D bonds can be cancelled according to past Council
direction. Annually a transfer is made to cover the principal and interest payments on this specific debt
service issue.
Attached is the resolution canceling the debt service levy for taxes payable in 2012 for several bonds
issues. There are funds on hand or planned to be transferred in to meet scheduled debt service
payments.
Requested Action
Offer Resolution No. 7118 A Resolution Canceling Debt Service Levy For 2011/2012, and move its
adoption.
RESOLUTION NO. 7118
A RESOLUTION CANCELING DEBT SERVICE LEVY FOR 2011/12
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE, COUNTY OF SCOTT, MINNESOTA, that
the following debt service levies are canceled:
2004C GO Improvement Bonds $ 142,822
2004D Capital Improvement Bonds 467,744
2006A GO Improvement Bonds 344,187
2007B GO Improvement Bonds 87,853
2004B GO Refunding Bonds 118,528 (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 2012 with the difference of debt service needs being
paid from the fund balance in the debt service fund:
2004D Capital Improvement Bonds $447,000
Adopted in session of the City Council of the City of Shakopee, Minnesota held this
day of September, 2011.
Mayor of the City of Shakopee
ATTEST:
City Clerk