RES 2023-59 Adjusting the 2024 Debt Service Property Tax Levy Certified in the Original Bond ResolutionCITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2023-59
ADJUSTING THE 2024 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 $102,144
GO Improvement Refunding Bond, 2020A 290,237
TOTAL RECORDED LEVY 392 381 ;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 issues 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 sales 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 2024
for debt service purposes:
GO Improvement Bond, 2018A $102,144
GO Improvement Refunding Bond, 2020A 197,000
TOTAL LEVY FOR DEBT SERVICE 299 144
2. That these debt service property tax levy adjustments are applicable to taxes payable for 2024 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 25th day of September, 2023.
MOTION BY: Goede
SECONDED BY: Dunlap
INFAVOR: Stockamp, Dahl, Dunlap, Goede, and Moores
OPPOSED: none
CITY OF OTSEGO
f°
Jessica L. Stockamp, Mayor
r
ATTEST;
Audra Etz`et City Clerk