HomeMy WebLinkAboutResolution 2507d City of ORONO
• RESOLUTION OF THE CITY COUNCIL
' NO. 2507
A RESOLUTION TO LEVY TAXES FOR BONDS
ISSUED FOR SANITARY SEWER PROJECT 85-1 & 85-2
IMPROVEMENT BONDS OF 1985 DEBT SERVICE FUND
WHEREAS, the City Council did levy special assessments against
property specially benefitted by Project 85-1 and 85-2; and
WHEREAS, subsequent appeals of levied special assessments and
settlement of those appeals has resulted in significant reductions of said
special assessments; and
WHEREAS, the bonds issued are General Obligation Bonds, the City
is therefore required to levy additional general ad valorem taxes on all
taxable property within the City without limitation as to rate or amount to
pay the bond principal and interst when due; and
WHEREAS, computations made by the City's auditors to assist the
City in determining- required future funding of its 1985 Debt Service Fund
take into account deferred assessments, bond redemption funds and the
vestment thereof, do indicate a need for current and future tax levies.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Orono, County of Hennepin, Minnesota, that there is hereby levied upon all
taxable property in the City, a direct annual general ad valorem tax to be
spread upon the tax rolls for collection in the years and amounts as
Follows:
Collection
Year
Amount
1989
$30,000
1990
35,000
1991
40,000
1992-2000
50,000 each year
Adopted by the City Council of the City of Orono, Minnesota at a
regular meeting held on September 28, 1988.
ATT T: 4JamR. Grabek, Mayor
Yorbthy M llin, City Clerk _.
92688.10H --
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