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ap CITY OF ORONO <br /> RESOLUTION OF THE CITY COUNCIL <br /> G, NO.7405 <br /> l,�ICE SHO�t' <br /> RESOLUTION TO REDUCE THE LEVY REQUIREMENTS FOR THE SERIES 2014A <br /> 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 transferred the residual balance in the 2010A General Obligation <br /> Bonds debt service fund to the 2014A General Obligation Bonds debt service fund; and <br /> WHEREAS,the cash on hand in the 2014A debt service fund exceeds 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 $60,000 for the collectable 2024 tax levy. <br /> Adopted by the City Council of the City of Orono, Minnesota, at a regular meeting held <br /> September 25, 2023. <br /> ATTEST: <br /> 11111144 <br /> Anna Carlson, City Clerk Dennis Walsh, Mayor <br />