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�� <br /> /7 O� . <br /> � O O <br /> ��b. � CITY of ORONO <br /> � F <br /> '� RESOLUTION OF THE CITY COUNCIL <br /> ���kE Hp4�� � NO. � � � �a . <br /> S <br /> A RESOLUTION AUTHORIZING � <br /> A TAX RATE FOR THE 2000 TAX LEVY COLLECTIBLE IN 2001 <br /> THAT IS GREATER THAN THE "LEVY CERTIFICATION TAX'RATE" <br /> FOR THE 1999 TAX LEVY COLLECTIBLE IN 2000 <br /> , <br /> � . WHEREAS, new State legislation has created a new tax rate term called the "Levy <br /> Certification Ta�c Rate" that is substantially different from the standard tax rate. The Levy <br /> Certification Tax Rate is calculated using the current year's t�capacity and the prior year's tax levy: <br /> This tax rate is then compared to a tax rate calculated using the current year's tax capacity and the <br /> upcomin�year's tax levy. The purpose of the Levy Certification Tax Rate is to show the impact of <br /> the tax levy on the tax rate independent of any increase in tax capacity; and <br /> WHEREAS,the new State legislation requires that if a City's tax rate for the year 2001 tax <br /> levy is greater than the Levy Certification Tax Rate for the year 2000 tax levy,the City must adopt . <br /> a resolution authorizing an increase in the tax rate for the tax levy collectible in 2001. <br /> � NOW; THEREFORE, BE IT RESOLVED, by the City�Council of the City of Orono, <br /> Cotuity of Hennepin,Minnesota,that the County Auditor is authorized to fix a property tax rate for <br /> ta�es payable in the year 2001 that is higher than the "Levy Certification Tax Rate" calctilated <br /> pursuant to Minnesota Statutes 275.078 for the City for taxes levied in 1999, collectible in 2000. <br /> Adoption of this resolution does not prohibit the City from certifying a final levy that will <br /> result in no tax rate increase or a tax rate decrease. <br /> • The City Clerk is hereby instructed to transmit a certified copy of this resolution to the <br /> County Auditor of Hennepin County,IVlinnesota. <br /> Adopted by the City Council of the City of Orono, Minnesota at a regular meeting held <br /> October 9, 2000. � � � . . <br /> ATTEST: Gabri abbour, ayo <br /> ,�J . l/�� _. <br /> Linda S. Vee, City Clerk <br /> � <br /> X:4�PP5\WPIVIN60�WPBOCS�I.IMBUDGE71Ta+c Ratares.wpd Page 1 of 1 <br />