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A RESOLUTION TO LEVY TAXES FOR BONDS <br />ISSUED FOR SANITARY SEWER PROJECT 85-1 i 85-2 <br />IMPROVEMENT BONL OF 1985 DEBT SERVICE FUND <br />WT'EREAS, th-, City Council did levv special assessments against <br />property spf tally benefi 'ed by Project 85-1 and 85-2; and <br />WHEREAS, subsequent appeals of levied special assessments and <br />settlement of those appeals has resulted in significant reductions of said <br />special assessments; and <br />WHEREAS, the bonds issued are General Obligation Bonds, the City <br />is therefore required to levy additional general ad valorem taxes on all <br />taxable property within the City without limitation as to rate or amount to <br />pay the bond principal and intfrst when due; and <br />WHEREAS, computations made by the City's audito_s to assist the <br />City in determining required future funding of its 1985 Debt Service Fund <br />take into ncco!.tit deferred assessments, bond redemption funds and the <br />reinvestment the_eof, do indicate a need for current and future tax levies. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Orono, County of Hennepin, Minnesota, that there is hereby levied upon all <br />taxable property in the City, a direct annual general ad valorem tax to be <br />spread upon the tax rolls for collection in the years and amounts as <br />follows: <br />Collection <br />Year Amount <br />1989 $30,000 <br />1990 35,000 <br />1991 40,000 <br />1992-2000 50,000 each year <br />Adopted by the City Council of the City of Orono, Minnesota at a <br />rr- ular meeting held on tember 28, 1988. <br />ATTEST: <br />Dorothy M. Hallin, Cit_- Clerk <br />92688.10HD <br />James R. Grabek, Mayor <br />