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CJJY OF ORONO, NfINNTSOTA <br />Future Properly Tax Levies to Retire Bt>nds (1) <br />As of December > 1, 19^4 <br />Schedule 4 <br />Year <br />llectible <br />1982 <br />Improvemeat <br />Bonds <br />1985 <br />Improvement <br />Bonds <br />1989 Water <br />and Sewer <br />Revenue <br />Bt>nds <br />1991 Public <br />Facilities <br />Revenue B<mds <br />1992 <br />Improvement <br />Bonds <br />lotal <br />Levies <br />1995 $5,500 (2)$50.000 0)$ 80,000 (4)$ 250,000(5)S 18,000 (6)$ 401.^ OO <br />1996 700 50,000 --—^0,700 <br />1997 600 50,000 -——50,600 <br />1998 500 50,000 m •——50,500 <br />1999 —50,000 -——50,000 <br />2000 —50,000 -——50.000 <br />7,.^00 $ .100,000 ; 8oj)oo $ 25pj)00,L^jOpt)$ 65 5,..^ 00 <br />(1)llie levies for these issues arc the general obligation property Uix levies which are in addiliem 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 />(2)The City levied $5,500 for the 1982 Improvement Bonds due to a projected shi^rtfall prior to 1995. Ilie ('ity <br />will continue to monitor the issue and levy additional taxes as required to generate sufficient sources to pay <br />future debt requirements. <br />(3)llie City levied $50,0(K) for the 1985 Imprmement Bonds due to the asses.smcnl appeals and subsequent <br />reductions of deferred assessments. In 1988, the City established future taxes to generate sufficient sources to <br />pay future debt requirements as required b\ law. <br />(4)'Ihe City levied $8(),()0() for the 1989 Water and Sewer Revenue Bonds due to a shortfall in revenues. Projerted <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 levy additional taxes as required. In addition, certain excess <br />funds were transferred from the 1980 Ini*' iivement Bond I*und to be used to fully meet the debt service <br />requirements of the 1989 Water and Sewer Revenue Bonds. <br />(5)Ibe City levied $250,00(J for the 1991 l^iHic l acililies Revenue Bonds for the 1995 lease-purchase payments, <br />llie appropriation for th' levy is made annually and is anticipated to cover approximately 55'? of the <br />lease-purchase payment. <br />(6)ITie nty levied $18,000 for the 1992 Imprmement Bonds. The bonds are to U* paid TO'? from special <br />assessments levied, and up to 30'? to be levied in taxes. IVepayments of special assessments and interest earned <br />thereon will determine the amount of taxes required from year to year. <br />.106-