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LEVY_ 11M ITS <br />The Bonds of this offering are general obligations of the City of Orono whose furl <br />faith, credit and taxing powers are pledged to their repayment. Taxes levied by <br />cities in Minnesota are limited by Minnesota Statutes, Section 275.56, Section <br />275.11 and Section 412.251. Cities operating under a tome rule charter may also be <br />limited by the city charter. The City of Orono is a statutory city and is subject <br />to state requirements only. Bonds of this offering are exempt from the QveraU <br />levy limitation described in the following paragraphs but are Sub_JeSt _tit-hP---.gr <br />capita limit described below. <br />O-V&c81L_L-e-Y1-1i ►mi-k <br />Sections 215.50—.56 establish an Qv�r_all levy limitation increase of 4% over taxes <br />levied in 1988/89 for all cities and counties (except taconite towns.) which does <br />not apply to certain "special" levies, including tax levies made to pay bond <br />principal and interest. The City's Qy_e all levy limit as certified by the State <br />has been computed as follows: <br />Total. certified to Hennepin County Auditor $1,382,690 1) <br />Less: Special levies (under Minnesota <br />Statutes, Section 275.50—.56) ___ 3414QQ <br />Net levy subject to levy limitation $1,352,690 <br />1988/89 Levy Limitation <br />NvtV: Cities with less titan 2,500 population are exempt from 1988/89 overall levy <br />limitations. <br />Per,- Cap-:Lt,a—Leyx_idmilatiQn <br />Section 275.11 provides a pgr,__Q$p" levy limitation which applies to taxes levied <br />for j_l1 purposes, including levies to pay bond principal and interest, i.e. the <br />Bonds of this offering. The limitation is adjusted according to increases ih the <br />Consumer Price Index using 1947/49 as the base average. For 1988/89 it is $282.00 <br />per capita times the population according to the last state or federal census or an <br />estimate approved by the State Demographer. Multiplying the current per capita <br />limit of $282.00 by the City's 1980 U.S. Census of 6,845 gives the City of Ororo a <br />per_ SaPit-8 limit of $1,930,290. <br />A County Auditor will not levy amounts greater than that permitted by Section <br />215.11. If a levy exceeds the limits of Section 215.11 and includes a levy for <br />bonded indebtedness, the County Auditor will reduce other levies prior to reducing <br />levies for bonded indebtedness. if a deficiency in a levy for bonded debt occurs, <br />cities r4ugt-Le-v_.Y—fsX--Ule_def-iciency 024aisle—Vie pet__.capita_� f_cat Qn_ias_11€�exs <br />y-ea_r <br />I)The amount may differ slightly from the amount of levy shown on the preceding <br />page due to tax rate adjustments made by the County Auditor. <br />�._� 19 <br />