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Schedule 4 <br />CITY OF ORONO, MINNESOTA <br />Future Propertj’ Tax Levies to Retire Bonds (1) <br />As of December 31,1995 <br />Year <br />Collectible <br />1982 <br />Improvement <br />Bonds <br />1995 <br />Refunding <br />Bonds <br />1989 Water <br />and Sewer <br />Revenue <br />Bonds <br />1991 Public <br />Facilities <br />Revenue Bonds <br />1992 <br />Improvement <br />Bonds <br />Total <br />Levies <br />1996 $ 4,500 (2)$ 46,000 (3)$ 90,000 (4)$ 228,400 (5)$ 24,000 (6)$ 392,900 <br />1997 600 50.000 ———50,600 <br />1998 500 50,000 ———50,500 <br />1999 -50,000 ——<—50,000 <br />2000 —50,000 ——50,000 <br />$ 5 30 $ 246,000 $90,000 $ 228,400 $ 24.000 $ 594,000 <br />The levies for these issues are the general obligation property tax levies which are in addition to the amounts <br />levied in the special assessment rolls. Tax levies are placed (as required by law) at 105% of debt service <br />requirements. <br />The City levied J4,500 for the 1982 Improvement Bonds due to a projected shortfall prior to 1996. The City <br />will continue to monitor the issue and levy additional taxes as required to generate sufficit . jources to pay <br />future debt requirements. <br />The City levied $46,000 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 pay future <br />debt requirements as required by law. <br />The City levied $90,(XX) for the 1989 Water and Sewer Revenue Bonds due to a shortfall in revenues. Projected <br />development has not occurred, therefore user fees and property taxes are required to meet debt service <br />payments. The City will monitor the issue and levy additional taxes as required. In addition, certain excess <br />funds were transferred from the 1980 Improvement Bond Fund to be used to fully meet the debt service <br />requirements of the 1989 Water and Sewer Revenue Bonds. <br />The City levied $228,400 for the 1991 Public Facilities Revenue Bonds for the 1995 lease-purchase payments. <br />The appropriation for the levy is made annually and is anticipated to cover approximately 55% of the <br />lease-purchase payment. <br />The City levied $24,000 for the 1992 Improvement Bonds. The bonds are to be paid 70% from special <br />assessments levied, and up to 30% to be levied in taxes. Prepayments of special assessments and interest earned <br />thereon will determine the amount of taxes required from year to year. <br />-104-