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`,42�ti88.Yd•�q..,. <br />To Mark E. Bernhardson, City Administrator <br />From: Tom Kuehn, Finance Direr -tor <br />Date: September 22, 1988 <br />Subject: 1985 Improvement Bond Debt Service Fund Tax Levy <br />ATTACHMENT - Proposed Tax Levy Resolution <br />DISCUSSION - The 1985 Sanitary Sewer Improvements Project for the Crystal <br />B1v area was originally specially assessed against those properties <br />b; nefitted. However, a significant number of those appealed the assessed <br />amounts and through court settlements, the amounts of the asse:,sments on <br />those properties were reduced substantially. This has resulted ...I the need <br />to determine an alternative source of revenue to fund the resulting <br />shor' all to insure the timely payment of -he bonds and interest as they <br />mature. As the bonds are general oblinitions of the City, they are backed <br />by Its full tai.ing powers. <br />The City has recently had a Special Assessment Cash Flow Forecast Repot <br />prepared by its auditor (see item this agenda). The results of that <br />forecast indicate the need for the tax levy as shown accompanying <br />resolution. Even though the resolution sets specific r amounts for <br />the tax levy each year, the Land wl11 oe m.-r-tored and th .commended levy <br />each year will be reduced or • . eased a! -necessary. <br />Mayor Grabek & Oronc __l Members <br />From: Mark E. Bernhardson, City Aa iotrato OQ <br />Forwarding tecommending ar•ir.oval. <br />PROPOSED MOTION: Moved se led by , to adopt Resolution # , <br />a resolution to levy to _asued for Sanitary Sewer Prcject 85-1 <br />and d5-2, Improvement �)ebt Service Fund. Ayes , nays __ <br />