RES 2021-72 REDUCING THE 2022 DEBT SERVICE PROPERTY TAX LEVY CERTIFIED IN THE ORIGINAL BOND RESOLUTIONCITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2021-72
REDUCING THE 2022 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 Bond, 2018A $97,187
GO Improvement Refunding Bond, 2020A 496,652
TOTAL RECORDED LEVY 593 839 ; 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 2022 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 2022; 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 2022 for debt service purposes:
GO Improvement Bond, 2018A $97,187
GO Improvement Refunding Bond, 2020A 450,000
TOTAL LEVY FOR DEBT SERVICE S547,187
2. That these debt service property tax levy adjustments are applicable to taxes payable for 2022 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 27th day of September, 2021.
MOTION BY: DARKENWALD
SECONDED BY: DAHL
INFAVOR: STOCKAMP, DARKENWALD, GOEDE, DAHL
OPPOSED: NONE
CITY OF OTSEGO
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Jessica L. Stockamp, May r
ATTEST:
inLi'wI . 'E -co -
Bethany ting, Deput ty Clerk
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