RES 19-47CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2019-47
REDUCING THE 2020 DEBT SERVICE PROPERTY TAX LEVY
CERTIFIED IN THE ORIGINAL BOND RESOLUTION
WHEREAS, the Wright County Auditor's records show the original debt levies pledged by the City Council
at the time of sale as follows:
GO Improvement Bonds, 2018A
GO Improvement Bonds, 2012A
GO Improvement Bonds, 201 IA
GO Improvement Bonds, 2010D
GO Improvement Bonds, 2010B
TOTAL RECORDED LEVY
$91,758
53,465
361,778
122,147
522,438
x,151,586 ;and
WHEREAS, the City of Otsego has, in its most recent audited fmancial statement, recorded cash in excess of
reserve requirements in the Debt Sinking Funds maintained for these bonds; and
WHEREAS, the Otsego City Council has considered restructuring of the Pay 2020 property tax levy such
that the above amounts may be reduced by use of a portion of the excess funds available, in turn reducing the
property tax levy for Pay 2020; and
WHEREAS, the debt levies have been adjusted or cancelled based on revenue collections, cash balances
reported and projections.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OTSEGO,
MINNESOTA:
That the following amounts are approved adjusted property tax levies to be levied as property taxes
payable in 2020 for debt service purposes:
GO Improvement Bonds, 2018A
$91,758
GO Improvement Bonds, 2012A
0
GO Improvement Bonds, 2011A
72,853
GO Improvement Bonds, 201 OD
122,147
GO Improvement Bonds, 2010B
460,000
TOTAL LEVY FOR DEBT SERVICE 746 758
2. That these debt service property tax levy adjustments are applicable to taxes payable for 2020 only
and that any future changes in levy will be adopted at such time as is proper and prudent.
ADOPTED by the Otsego City Council this 9th day of September, 2019.
MOTION made by Council Member Tanner
Goede
ATTEST:
CITY OF OTSEGO
Jessica Stockamp, Mayor
JAL
Tami Lo , City Clerk
and SECONDED by Council Member
INFAVOR: Stockamp, Tanner, Goede, Darkenwald, Warehime
OPPOSED: None
IN