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.l . . <br /> FINANCIAL MANAGEMENT DEPARTME�IT <br /> #2009 - OS <br /> DATE: January 27, 2009 <br /> TO: Honorable Mayor Michael T. Carrigan and City Council <br /> FROM: Ryan P. McCrady, City Manager�`'''�-� <br /> Ron Neufeld, Finance Director <br /> SUBJECT: Ordinance Abating 2008 Tax Le —2008 Series Bonds <br /> Attached you will find a copy of an ordinance that abates the 2008 Tax Levy as it relates <br /> to the General Obligation Bonds Series 2008. Because of the timing of the bond issue it <br /> was not possible to include this abating ordinance as part of the 2008 Tax Levy. <br /> However; in order to abate the tax levy requirement of the bond issue, this abating <br /> ordinance must be passed. If it is not approved and filed with the County Clerk, the 2008 <br /> tax levy of $419,175.02 will be added to the 2008 Tax Levy approved by the City <br /> Council in December. We recommend approval of the ordinance. <br />