RES 15-56CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF NIINNESOTA
RESOLUTION NO: 2015-56
RESOLUTION REDUCING THE PROPERTY TAX LEVY FOR
TAXES PAYABLE IN 2016 IN RELATION TO 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:
GO Improvement Bonds, 2012A
GO Improvement Bonds, 2011A
GO Improvement Bonds, 201 OD
GO Improvement Bonds, 2010B
GO Improvement Bonds, 2010A
TOTAL RECORDED LEVY
$29,310
282,426
105,097
517,569
52,159
86 560 ;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 2016 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 2016; 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,
M[NNESOTA:
That the following amounts are approved adjusted property tax levies to be levied as property taxes
payable in 2016 for debt service purposes:
GO Improvement Bonds, 2012A
$0
GO Improvement Bonds, 2011A
119,903
GO Improvement Bonds, 201OD
105,097
GO Improvement Bonds, 2010B
415,000
GO Improvement Bonds, 2010A
0
TOTAL LEVY FOR DEBT SERVICE 640 000
2. That these debt service property tax levy adjustments are applicable to taxes payable for 2016 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 28th day of September, 2015.
MOTION made by Council Member Schroeder
Heidner
CITY OF OTSEGO
(��'Obck
Jessica Stockamp, Mayor
ATTEST:
SaW�,k--Y\', . *pf J§
Tami Loff, ity Clerk
and SECONDED by Council Member
IN FAVOR: Stockamp, Schroeder, Heidner, Darkenwald, Warehime
OPPOSED: None
2