HomeMy WebLinkAboutResolution 7290A icL6NO CITY OF ORONO
RESOLUTION OF THE CITY COUNCIL
- NO.
4kES H ov-t. 7290A
A RESOLUTION TO REDUCE THE LEVY REQUIREMENTS FOR THE SERIES
2014A GENERAL OBLIGATION BONDS
WHEREAS,the City has issued Series 2014A General Obligation 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
General Fund to pay a portion of the debt service on the 2014A 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 2014A
General Obligation Bonds be reduced to $242,000 for the collectable 2020 tax levy.
Adopted by the City Council of the City of Orono, Minnesota, at a regular meeting held
September 26,2019.
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