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CITY OF ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. <br />A RESOLUTION TO REDUCE THE LEVY REQUIREMENTS FOR THE SERIES <br />2014A GENERAL OBLIGATION BONDS <br />WHEREAS, the City has issued Series 2014A General Obligation Bonds; and <br />WHEREAS, Minnesota Statute 475.61 requires the City to collect at least 105% of the <br />annual amount need for principal and interest payment obligations on the bonds; and <br />WHEREAS, the City has been annually transferring additional amounts from the <br />General Fund to pay a portion of the debt service on the 2014A General Obligation Bonds; and <br />WHEREAS, the annual transfer, tax levy, and cash on hand combine to exceed the 105% <br />requirement; and <br />WHEREAS, the Statute allows a municipality to levy less than 105% of the debt service <br />when other irrevocably pledged sources are available to meet the requirement; <br />NOW, THEREFORE, BE IT RESOLVED that the required levy for the 2014A <br />General Obligation Bonds be reduced to $165,300 for the collectable 2019 tax levy. <br />Adopted by the City Council of the City of Orono, Minnesota, at a regular meeting held <br />December 10, 2018. <br />ATTEST: <br />Anna Carlson, City Cleric Dennis Walsh, Mayor <br />