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09-23-2019 Council Packet
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09-23-2019 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
09/23/2019
Council Meeting Type
Regular
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<br /> <br /> <br />CITY OF LINO LAKES <br />RESOLUTION NO. 19-121 <br /> <br />RESOLUTION ADOPTING THE PRELIMINARY 2019 TAX LEVY, COLLECTIBLE IN <br />2020 <br /> <br />WHEREAS, Minnesota State Statutes grant local governments the authority to levy property <br />taxes to finance the operations of the local jurisdiction; and, <br /> <br />WHEREAS, the City of Lino Lakes annually levies property taxes to finance General Fund <br />operating costs and annual debt service on outstanding indebtedness; and, <br /> <br />WHEREAS, the City Council of Lino Lakes has reviewed the proposed 2020 General Fund <br />operating budget and the preliminary 2019 tax levy, collectible in 2020; and, <br /> <br />WHEREAS, the preliminary levy is the maximum that the City will levy for tax year 2019, <br />collectible in 2020, and which may be lowered but cannot be increased before adopting the final <br />tax levy; and, <br /> <br />WHEREAS, the City Council must certify the preliminary 2019 tax levy, collectible in 2020 to <br />the Anoka County Auditor by September 30, 2019. <br /> <br />NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Lino Lakes, <br />Minnesota, hereby does levy on a preliminary basis the following upon taxable property in said <br />City of Lino Lakes: <br /> <br />1. Total amount levied in the year 2019 to be spread for taxes due and payable in the year of <br />2020 is $10,590,518. <br /> <br />2. The total amount levied is for the following purposes: <br /> <br />General Operating Levy $8,467,756 <br /> <br />Bonded Indebtedness <br />G.O. Bond 2012A 178,080 <br />G.O. Bond 2015A 271,228 <br />Equipment Certificates 2015B 214,216 <br />Equipment Certificates 2017 111,353 <br />Equipment Certificates 2018 107,100 <br />Equipment Certificates 2019 140,119 <br />EDA Lease/Revenue Bond 2015 317,297 <br />G.O. Tax Abatement Refunding Bond 2016C 301,570 <br />G.O. Bond 2018A 481,799 <br /> Total Bonded Indebtedness: 2,122,762 <br /> <br />TOTAL LEVIES $10,590,518 <br /> <br /> <br />Adopted by the Council of the City of Lino Lakes this 23rd day of September, 2019.
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