City Council Resolution 2014-102CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO 2014 -102
AUTHORIZING AMENDMENT OF CERTAIN DEFERRED TAX LEVIES
WHEREAS, the City Council adopted the 2015 preliminary tax levy on September 23, 2014; and
WHEREAS, the 2015 preliminary levy included $1,290,000 for debt service, which in total is
significantly less than the amount authorized in the resolutions awarding the sale of each debt
issue; and
WHEREAS, it is hereby determined that sufficient monies are now on hand, or will be when
needed, for the payment of principal and interest to come due during the year 2015 for certain
bond issues outstanding of the City of Monticello; and
WHEREAS, each levy canceled represents the use of other revenue sources such as impact fees
and utility fund transfers, which will occur prior to current year end, and each addition represents
projected future debt service fund needs beyond next year, and
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
MONTICELLO that the Treasurer- Auditor of Wright County is hereby authorized and directed,
pursuant to the provisions of Section 475.6 1, Minnesota Statutes Annotated, to cancel or
otherwise amend the levies for said indebtedness heretofore made to be levied for the year 2014
for collection in the year 2015 as follows:
::Bond
swum
G.O. Bonds, Series 2007A
$ 366,236
$
420,000
$ 53,764
G.O. Bonds, Series 2008B
190489834
5009000
548,834
G.O. Bonds, Series 2010A
2195193
409000
179,193
G.O. Bonds, Series 2011A
4499456
3309000
119,456
G.O. Bonds, Series 2013A
695048
-
69,048
Total
$ 2,1 529767
$
1,290,000
$ 862,767
The resolution was introduced by Councilmember Brian Stumpf
And was duly seconded by Councilmember Tom Perrault
Voting in favor: Herbst, Hilgart, Perrault, Posusta, Stumpf
Voting in opposition: None
ADOPTED BY the Monticello City Council this 13th day of October, 2014.
CITY OF MONTICELLO
Clint Herbst, Mayor
ATTEST:
Jeffi..9'40, City Administrator
CERTIFICATION
STATE OF MINNESOTA
COUNTY OF WRIGHT
I hereby certify that the foregoing is a true and correct copy of Resolution #2014 -102
duly passed, adopted and approved by the Monticello City Council at their scheduled meeting on
October 13th, 2014, and recorded in minutes of said meeting.
Catherine M. Shuman, -Deputy Clerk
Notary Public: "23t,71
Date:
Notary Pudic- i'�inrt ®rata
"'Z ° My COMMIssion Expires Jan 31, 201 6