RES 14-68RESOLUTION NO. 2014-68
CITY OF OTSEGO
COUNTY OF WRIGHT, MINNESOTA
A RESOLUTION REDUCING THE PROPERTY TAX LEVY FOR
TAXES PAYABLE IN 2015 FOR DEBT SERVICE
WHEREAS, the Wright County Auditor's records show the original debt levies pledged by
the City Council at the time of sale as follows:
G.O. Improvement Refunding Series 2012A $ 31,146
G.O. Improvement Refunding Series 2011A 272,430
G.O. Improvement Refunding Series 201 OD 106,189
G.O. Capital Improvement Refunding Series 2010B 521,139
G.O. Certificates of Indebtedness Series 2010A 53,576
TOTAL RECORDED LEVY $ 984,480 ;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 2015 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 2015; 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 2015 for debt service purposes:
G.O. Improvement Refunding Series 2012A $ -0-
G.O. Improvement Refunding Series 201 IA 163,968
G.O. Improvement Refunding Series 201 OD 36,032
G.O. Capital Improvement Refunding Series 201013 410,000
G.O. Certificates of Indebtedness Series 2010A -0-
TOTAL LEVY FOR DEBT SERVICE $ 610,000
2. That a copy of this resolution be transmitted to the Wright County Auditor.
4. That these debt service property tax levy adjustments are applicable to taxes payable for
2015 only and that any future changes in levy will be adopted at such time as is proper and
prudent.
MOTION BY: Warehime
SECOND BY: Schroeder
ALL IN FAVOR: Stockamp, Warehime, Schroeder
THOSE OPPOSED: None
ADOPTED by the City Council of the City of Otsego this 13th day of October 2014.
ATTEST:
Tauri Loff, City Clerk
2
CITY OF OTSEGO
Je ca Stockamp, Mayor