Laserfiche WebLink
City of <br /> 41111111 AGENDA ITEM #7.1 <br /> Pe not <br /> Lakes <br /> REPORT TO <br /> CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: February 7, 2017 <br /> Subiect: 2017A G.O. Equipment Certificate Resolution <br /> Report: At the January 3rd City Council Meeting, the <br /> Council authorized the purchase and financing of air packs <br /> for the Fire Department. Attached is the resolution <br /> providing for the issuance and sale of a $135,000 General <br /> Obligation Equipment Certificate, Series 2017A for the <br /> financing of the air packs purchase. <br /> The normal process for equipment certificate financing is to <br /> levy a tax for the debt payments; however, because the Fire <br /> Fund is a special revenue fund the City does not plan to <br /> levy a tax for the debt payments which will instead be paid <br /> through the revenues generated within the Fire Fund. We <br /> still need to process this equipment certificate as if a tax <br /> levy were to occur and I will notify the County each year <br /> that a levy is not needed. <br />