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Rdver <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br /> MEMORANDUM <br /> <br />Pat Klaers, City Administrator <br /> <br />Lori Ziemer, Asst. Finance Director <br /> <br />September 9, 2002 <br /> <br />Amend 2003 Debt Levies <br /> <br />Attached is a list of the debt service levy adjustments for taxes payable 2003. Some bond <br />documents indicate that a tax levy is required due to an estimated revenue shortfall based on <br />special assessment or tax increment income projections at the time the bond is issued. This <br />typically happens because the revenue projections are based on very conservative estimates <br />that exclude anticipated special assessment prepayments or increased tax increment revenue. <br />These levies are subsequentlycancelled each year if adequate funds are available to meet debt <br />service obligations. The levies being adjusted for taxes payable in 2003 include the 1993 B <br />Permanent Improvement Revolving Bond and all tax increment bonds. <br /> <br /> <br />