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• <br />Council Member Srnl rz introduced the following resolution and moved its <br />adoption: <br />CITY OF LINO LAKES <br />COUNTY OF ANOKA <br />RESOLUTION NO. 07-132 <br />RESOLUTION ADOPTING AND CERTIFYING THE PRELIMINARY 2007 TAX LEVY, COLLECTIBLE IN <br />2008 <br />WHEREAS, Minnesota State Statutes grant local govemments the authority to levy property taxes to <br />finance the operations of the local jurisdiction; and, <br />WHEREAS, the City of Lino Lakes annually levies property taxes to finance General Fund operating <br />costs and annual debt service on outstanding indebtedness; and, <br />WHEREAS, the City Council of Lino Lakes has reviewed the proposed 2008 General Fund operating <br />budget and the preliminary 2007 tax levy collectible in 2008; and, <br />WHEREAS, the preliminary levy is the maximum that the City will levy for tax year 2007 collectible in <br />2008, and which may be lowered but cannot be increased before adopting the final tax levy, <br />and, <br />WHEREAS, the City Council must certify the preliminary 2007 tax levy collectible in 2008 to the Anoka <br />County Auditor by September 15, 2007. <br />NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Lino Lakes, Anoka County, <br />Minnesota, hereby does levy on a preliminary basis the following upon taxable property in said City of Lino <br />Lakes: <br />1. Total amount levied in the year 2007 to be spread for taxes due and payable in the year <br />2008 is $8,866,956. <br />2. The total amount above levied is for the following purposes: <br />General Operating Levy $7,903,122 <br />Special Levies <br />Tax Abatement — Target & Kohl's 70,114 <br />Tax Abatement - Legacy/YMCA Abatement Bonds 2006C 42,443 <br />General Bonded Debt <br />Public Project Revenue Bond 109,557 <br />Civic Complex Bond 1998A 191,213 <br />G.O. Improvement Bond 2003B 20,741 <br />G.O. Improvement Refunding Bond 2005B 108,041 <br />G.O. Tax Abatement Bond 20060 66,148 <br />G.O. CIP Refunding Bond 2006E 125,580 <br />Equipment Certificates of 2005 40,404 <br />Equipment Certificates of 2006 122,603 <br />Equipment Certificates of 2007 66.990 <br />Total General Obligation Bonded Debt 851,277 <br />TOTAL LEVIES $8.866.956 <br />-32e- <br />