HomeMy WebLinkAbout4.F.7. Cancellation of Debt Service Levy for 2013-Res. No. 7267 L 1.F7.
CITY OF SHAKOPEE
Memorandum
CO N SENT
To: Mayor and Council
Mark McNeill, City Administrator
c _3)
T.
From: Julie A. Linnihan, Finance Director /City Clerk •
Re: Canceling Debt Service Levy for 2013
Date: December 18, 2012
Action Requested:
Offer Resolution No. 7267 to cancel debt service levy for the Public Works Building Bond issue,
a portion of the Fire Building Referendum Bond issue and improvement bond issues.
Background:
Historically, the City has not levied for the full amount of debt service levies, as defined in the
bond documents. The funds utilized are from transfers or fund cash position.
The Internal Service Building Fund will transfer money to the debt service fund for the public
works building in 2013 so that the levy for the 2004D bonds can be cancelled similar to past
Council direction.
The 2004B bonds are approved by voter referendum, and are only partially levied during the
budget process. The amount of levy for 2013 is increased by $30,000, from $120,000 to
$150,000. The amount of the debt service to be levied, per bond document, is $246,356.
Attached is the resolution canceling the debt service levy for taxes payable in 2013 for the
remaining bonds issued. The City will use the remaining fund balance or fund transfers to meet
scheduled debt service payments for 2013. This is consistent with recent Council action of
December 4, 2012 approving the 2013 Property Tax Levy and 2013 General Fund budget
Requested Action:
Offer Resolution No. 7267, A Resolution Canceling Debt Service Levy for 2013, and move its
adoption.
RESOLUTION NO. 7267
A RESOLUTION CANCELING DEBT SERVICE LEVY FOR 2013
BE IT FURTHER 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 $139,880
2004D Capital Improvement Bonds $469,200
2006A GO Improvement Bonds $344,283
2007A GO Improvement Bonds $ 8,878
2007B GO Improvement Bonds $ 91,213
2008A GO Improvement Bonds $148,951
2010A GO Improvement Bonds $138,235
2004B GO Building Refunding Bonds $ 96,356 (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 2013 with the difference of debt
service needs being paid from the fund balance in the debt service fund:
2004D Capital Improvement Bonds $450,000
Adopted in session of the City Council of the City of Shakopee, Minnesota held this
day of December 18, 2012
Mayor of the City of Shakopee
ATTEST:
City Clerk