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J <br />I <br />J <br />4i] <br />I <br />CITY OF ORONO, MINNESOTA <br />Future Property Tax Levies to Retire Bonds (I) <br />As of December 31,1996 <br />Year <br />Collectible <br />1982 <br />Improvement <br />Bonds <br />1995 <br />Refunding <br />Bonds <br />Total <br />Levies (4) <br />1997 $4,500 (2)$ 30,000 (3)$ 34,500 <br />1998 500 50,000 50,500 <br />1999 —50,000 50,000 <br />2000 —50,000 50,000 <br />2001 ——— <br />$5,000 $ 180,000 $ 185,000 <br />Schedule 4 <br />(1) The levies for these issues are the general obligation property tax levies which are in addition to the <br />amounts levied in the sp>ecial assessment rolls. Tax levies are placed (as required by law) at 105% of <br />debt service requirements. <br />0‘ ' <br />(2) The City levied $4,500 for the 1982 Improvement Bonds due to a projected shortfall prior to 1997. The <br />City will continue to monitor the issue and levy additional taxes as required to generate sufficient sources <br />to pay future debt requirements. <br />(3) The City levied $30,000 for the 1995 Refunding Bonds due to the assessment appeals and subsequent <br />reductions of deferred assessments. The City established future taxes to generate sufficient sources to <br />pay future debt requirements as required by law. <br />(4) Additional debt service levies are available for other general obligation debt issues on an as-needed basis <br />determined annually. <br />-101- <br />* <br />/ <br />■