HomeMy WebLinkAboutResolution 7405 ap CITY OF ORONO
RESOLUTION OF THE CITY COUNCIL
G, NO.7405
l,�ICE SHO�t'
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 transferred the residual balance in the 2010A General Obligation
Bonds debt service fund to the 2014A General Obligation Bonds debt service fund; and
WHEREAS,the cash on hand in the 2014A debt service fund exceeds 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 $60,000 for the collectable 2024 tax levy.
Adopted by the City Council of the City of Orono, Minnesota, at a regular meeting held
September 25, 2023.
ATTEST:
11111144
Anna Carlson, City Clerk Dennis Walsh, Mayor