1i 1998 Park Bonds, Cancel Debt Service Levy
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110.
Public Works
1591 Park Road
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Web Site
www.ci.chanhassen.mn.us
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MEMORANDUM
TO:
Mayor
City Council Members
c.s-
~-
FROM:
Greg Sticha, Finance Director
DATE:
December 7, 2005
SUBJ:
Resolution Authorizing County to Cancel Debt Service Levy
BACKGROUND
During the 2006 budget process this fall, City Council decided to use $285,000 in
General Fund reserves to reduce the debt service levy of the 1998A Park GO
Bonds. This was done in order to achieve a zero percent increase to the average
property owner in the city. The following resolution officially notifies Carver
County of our intent to reduce this debt levy, and for them to levy the lowered
amount of $636,128 for the 2006 debt service payment rather than the original
amount of $921,128. In addition, this debt was refinanced in the fall of 2005 to
achieve a better interest rate, flatten our future debt levy requirements, and also
saved the city almost $50,000 in interest costs.
RECOMMENDATION
Staff recommends that the City Council adopt the attached resolution authorizing
Carver County to reduce the 1998A Park GO Bond debt levy as indicated above.
Approval requires a simple majority vote of those City Council members present.
ATTACHMENT
1. Resolution.
The City 01 Chanhassen . A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play.
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
December 12. 2005
RESOLUTION NO:
2005-
MOTION BY:
SECONDED BY:
A RESOLUTION CANCELING $285,000 OF THE 1998A PARK GO BOND
DEBT SERVICE LEVY PAYABLE IN 2006
WHEREAS, the City Council of the City of Chanhassen, Minnesota, is using $285,000
in General Fund reserves to reduce the amount of debt needed to be levied for the 1998A GO
Park Bonds; and
WHEREAS, the City Council is authorizing Carver County to cancel $285,000 in Debt
Service Levy for this debt, bringing the debt service levy amount for this market value debt to
$636,128 for 2006.
Passed and adopted by the Chanhassen City Council this 12th day of December, 2005.
ATTEST:
Todd Gerhardt, City Manager
Thomas A. Furlong, Mayor
YES
NO
ABSENT