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REQUEST FOR COUNCIL ACTION <br />Department Approval: <br />Item No.: <br />Manager Reviewed <br />Date: 3/11/91 <br />T °f <br />Agenda Section <br />Reports and <br />Recommendations <br />Item Description: Resolution Providing for Internal Certificate <br />of Indebtedness of 1991 (Parr Improvement <br />Program <br />Background <br />At the time of 1991 budget preparation, the City staff had pre- <br />sented the concept of the Park Improvement Program (PIP) along <br />with an internal financing mechanism. That mechanism consisted <br />of an issuance of a Certificate of Indebtedness under Minnesota <br />State Statutes Section 412.301, which would be purchased by a <br />debt service fund reserve as a short -term investment. The repay- <br />ment of the Certificate would be from debt service levy reallo- <br />cated from bonds defeased. <br />Financial Implications <br />There will be no change or amendment necessary to the 1991 budget <br />as the financing and Park Improvement Program was included. <br />Because this Certificate is internal financing, with annual <br />issuance and retirement, there is no effect on the City's debt <br />position. <br />Staff Recommendation <br />Staff is recommending issuance of the Certificate to complete the <br />final step of implementing the Park Improvement Program. <br />COUNCIL ACTION REQUESTED <br />Motion approving \disapproving the Resolution issuing the Certifi- <br />cate of Indebtedness of 1991. <br />