RES 17-75CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2017-75
REDUCING THE 2018 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
GO Improvement Bonds, 2011A
GO Improvement Bonds, 2010D
GO Improvement Bonds, 2010B
GO Improvement Bonds, 2010A
TOTAL RECORDED LEVY
$46,953
301,893
107,701
519,824
49,324
1 025 695 ;and
WHEREAS, the City of Otsego has, in its most recent audited fmancial 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 2018 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 2018; 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 2018 for debt service purposes:
GO Improvement Bonds, 2012A
$0
GO Improvement Bonds, 2011A
107,299
GO Improvement Bonds, 201OD
107,701
GO Improvement Bonds, 201013
440,000
GO Improvement Bonds, 2010A
0
TOTAL LEVY FOR DEBT SERVICE 16L5 000
2. That these debt service property tax levy adjustments are applicable to taxes payable for 2018 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 1 lth day of September, 2017.
CITY OF OTSEGO
12,
Jessica Stockamp, ayor
ATTEST:
cnILI
Tami Lo , City Clerk
MOTION made by Council Member He ; dner and SECONDED by Council Member
INFAVOR: Stockamp, Heidner, Darkenwald, Tanner, Warehime
OPPOSED: None
2