2018-01 Abating Property Tax Levy for General Obligation 2017 Series Bonds

Home Browse Search

Item Coversheet Page 1 of 1 in Financial Management DATE: 1/9/2018 MEMO: Letter to the Decatur City Council Financial Management Department#2018-01 TO: Honorable Mayor Moore Wolfe and City Council Members FROM: Tim Gleason,City Manager Gregg D.Zientara,City Treasurer&Director of Finance SUBJECT: Abatement of General Obligation Series 2017 Bond from the 2017 Property Tax Levy SUMMARY RECOMMENDATION: It is recommended the City Council approve the attached ordinance at the January 16, 2018 City Council meeting. BACKGROUND: The City Council adopted Ordinance 2017-55 at the City Council meeting on December 18,2017 setting the property tax levy for the City of Decatur for assessed value in calendar year 2017 and tax payable in calendar year 2018. At the same council meeting, certain Ordinances were adopted by the City Council abating certain general obligation bond debt service payments from the property tax levy,as other funds are available to timely pay such principal and interest on the bonds. It was not possible for the City Council to adopt the Abatement Ordinance for the General Obligation Bond Series 2017, as the Series 2017 bond transaction closing occurred on December 21, 2018., subsequent to the Council action on the tax levy at the December 18,2018 meeting. Therefore, we now bring before the Council, the ordinance to abate the general obligation bond debt service payment from the 2017 property tax levy. This action is in agreement with all prior discussions and presentations to the Council and is in agreement with the tax levy presented to and adopted by the Council on December 18,2017. POTENTIAL OBJECTIONS: None INPUT FROM OTHER SOURCES: None STAFF REFERENCE: Tim Gleason,City Manager Gregg D.Zientara,City Treasurer&Director of Finance BUDGET/TIME IMPLICATIONS: Upon adoption of this ordinance, the City Clerk will file a certified copy with the Macon County Clerk, who shall use such certified ordinance in the extension of property tax bills to be prepared and issued to property owners in calendar year 2018 with tax payable in calendar year 2018. ATTACHMENTS: Description Type Ordinance Ordinancc https:Hdecatur.novusagenda.com/AgendaWeb/CoverSheet.aspx?ItemID=13 89 1/12/2018