RES 16-78CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MrNNESOTA
RESOLUTION NO: 2016-78
REDUCING THE 2017 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 Bonds, 2012A
$27,579
GO Improvement Bonds, 2011A
286,962
GO Improvement Bonds, 2010D
109,255
GO Improvement Bonds, 201013
519,144
GO Improvement Bonds, 2010A
50,741
TOTAL RECORDED LEVY
993 681 ;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 2017 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 2017; 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:
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, 201 lA 115,745
GO Improvement Bonds, 201 OD 109,255
GO Improvement Bonds, 2010B 430,000
GO Improvement Bonds, 2010A 0
TOTAL LEVY FOR DEBT SERVICE 655 000
2. That these debt service property tax levy adjustments are applicable to taxes payable for 2017 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, 2016.
ATTEST:
CITY OF OTSEGO
Jessica Stockamp, or
Tami off, City Clerk
MOTION made by Council Member Da rkenwa 1 and SECONDED by Council Member
HeidnPr
INFAVOR: Stockamp, Darkenwald Heidner
OPPOSED: None
2