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CITY OF ORONO <br /> RESOLUTION OF THE CITY COUNCIL <br /> NO. 7 02 5 <br /> A RESOLUTION TO REDUCE THE LEVY REQUIREMENTS FOR THE SERIES <br /> 2016A GENERAL OBLIGATION BONDS <br /> WHEREAS,the City has issued Series 2016A General Obligation Street Reconstruction <br /> refunding 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 Water <br /> and Sewer Utility Funds to pay a portion of the debt service on the 2016A General Obligation <br /> 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 2016A <br /> General Obligation Bonds be reduced to $413,275 for the collectable 2020 tax levy. <br /> Adopted by the City Council of the City of Orono, Minnesota, at a regular meeting held <br /> October 14, 2019. <br /> ATTEST: <br /> NQKJZE�a <br /> Anna Carlson, City Clerk Dennis Walsh, Mayor <br />