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. �� • ^ <br /> t � O� <br /> • O O <br /> �b - CITY of ORONO <br /> � � . <br /> � G'� . RESOWTION OF THE CITY COUNCIL <br /> �9kESH�4�' NO. � � e� � O <br /> A RESOLUTION AUTHORIZING <br /> A TAX RATE FOR THE 1999 TAX LEVY COLLECTIBLE IN 2000 <br /> THAT IS GREATER THAN THE "LEVY CERTIFICATION TAX RATE" <br /> FO�,t THE 1998 TAX LEVY COLLECTIBLE IN 1999 <br /> WHEREAS, new State legislation has created a new tax rate term called the "Levy <br /> Certification Tax Rate" that is substantially different from the standard tax rate. The Levy <br /> Certification T�Ra.te is calculated using the current year's tax 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 /> . u�comin�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 2000 tax <br /> levy is greater than the Levy Certification Tax Rate for the year 1999 tax levy, the City must adopt <br /> .. a resolution authorizing an increase in the tax rate for the tax levy collectible in 2000. <br /> � NOW, THEREFORE, BE IT RESOLVED, by the City Couricil of the City of Orono, <br /> County of Hennepin,Minnesota, that the County Auditor is authorized to fix a property tax rate for <br /> taxes payable in the yeax 2000 that is higher than the "Levy Certification Tax Rate" calculated <br /> pursuant to Minnesota Statutes 204B.135 for the City for taxes levied in 1998, collectible in 1999. <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, Minnesota. <br /> Adopted by the City Council of the City of Orono, Minneso�°a at. -ieg lar meeting held <br /> . October 11, 1999. � � <br /> � <br /> � v— <br /> ATTEST: harles Kelley, .�lcting 1Vlayor ' <br /> ' �d'r U <br /> Lind S. Vee, City Clerk <br /> � <br /> ' WPILIMBUDGE11981LEVYR.ITE.RFS Page 1 of 1 <br />