HomeMy WebLinkAboutResolution 7025 CITY OF ORONO
RESOLUTION OF THE CITY COUNCIL
NO. 7 02 5
A RESOLUTION TO REDUCE THE LEVY REQUIREMENTS FOR THE SERIES
2016A GENERAL OBLIGATION BONDS
WHEREAS,the City has issued Series 2016A General Obligation Street Reconstruction
refunding Bonds; and
WHEREAS, Minnesota Statute 475.61 requires the City to collect at least 105%of the
annual amount need for principal and interest payment obligations on the bonds; and
WHEREAS,the City has been annually transferring additional amounts from the Water
and Sewer Utility Funds to pay a portion of the debt service on the 2016A General Obligation
Bonds; and
WHEREAS,the annual transfer,tax levy, and cash on hand combine to exceed the 105%
requirement; and
WHEREAS,the Statute allows a municipality to levy less than 105%of the debt service
when other irrevocably pledged sources are available to meet the requirement;
NOW,THEREFORE,BE IT RESOLVED that the required levy for the 2016A
General Obligation Bonds be reduced to $413,275 for the collectable 2020 tax levy.
Adopted by the City Council of the City of Orono, Minnesota, at a regular meeting held
October 14, 2019.
ATTEST:
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Anna Carlson, City Clerk Dennis Walsh, Mayor