RES 2022-72 Adjusting the 2023 Debt Service Property Tax Levy Certified in the Original Bond ResolutionCITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2022-72
ADJUSTING THE 2023 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 $94,416
GO Improvement Refunding Bond, 2020A 288,974
TOTAL RECORDED LEVY 383 390
;and
WHEREAS, the Otsego City Council has considered restructuring of the Pay 2023 property tax levy such that
the above amount for the Series 2020A issue will be increased to reduce the number of years that a tax levy
will be required for this purpose; and
WHEREAS, the City of Otsego has, in its most recent audited financial statement, recorded cash balances
meeting requirements in the Debt Sinking Funds maintained for the 2020A bond issue; and
WHEREAS, the cash balances in the Debt Sinking Funds, together with future collections of special
assessments and property tax levies will be sufficient to meet the debt service requirements for the Series
2020A bond issue; and
WHEREAS, the restructured property tax levy schedule will result in a lower amount levied to repay the Series
2020A bond issue when compared to the original debt levies pledged at the time of the bond sale; and
WHEREAS, the debt levies have been adjusted 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 2023 for debt service purposes:
GO Improvement Bond, 2018A $94,416
GO Improvement Refunding Bond, 2020A 450,000
TOTAL LEVY FOR DEBT SERVICE 544 416
2, That these debt service property tax levy adjustments are applicable to taxes payable for 2023 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 26th day of September, 2022.
MOTION BY: Moores
SECONDED BY: Dahl
IN FAVOR:stockamp,
OPPOSED: None
Dahl, Darkenwald, Goede, and Moores
CITY OF OTSEGO
Jessica L. Stocl<amp, Mayor
ATTEST:
w
Audra Etzel- City