RES 20-60CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2020-60
REDUCING THE 2021 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, 2011A
GO Improvement Bonds, 2010D
GO Improvement Bonds, 20108
TOTAL RECORDED LEVY
$94,551
46,274
367,895
124,703
519,120
$IA52 543 ; and
WHEREAS, the City of Otsego has, in its most recent audited financial 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 2021 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 2021; 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:
1. That the following amounts are approved adjusted property tax levies to be levied as property
taxes payable in 2021 for debt service purposes:
GO Improvement Bonds, 2018A
$94,551
GO Improvement Bonds, 2012A
0
GO Improvement Bonds, 2011A
70,297
GO Improvement Bonds, 2010D
124,703
GO Improvement Bonds, 2010B
460,000
TOTAL LEVY FOR DEBT SERVICE749 551
2. That these debt service property tax levy adjustments are applicable to taxes payable for 2021 only
and that any future changes in levy will be adopted at such time as is proper and prudent.
1
ADOPTED by the Otsego City Council this 14th day of September, 2020.
MOTION BY: Tanner
SECONDED BY: Goede
INFAVOR: Stockamp, Tanner, Darkenwald, Warehime, Goede
OPPOSED: None
2
CITY OF OTSEGO
o(Lft\&4Ab�xk�
0' Jessica L. Stockamp, Mayor
ATTEST:
Tami M. Loff, City Clerk