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CITY OF GEM LAKE, MN <br />4244 otter Lake Road <br />µ — Gem Lake, Minnesota 55110 <br />Date: December 17,.2019 <br />To: Mayor. and City Council Members <br />From.: Torn.Kelly,. City Treasurer <br />RE:. 2.020 Debt Reduction. <br />The City Council• is asked to approYe (pass).Resolution 2019-11, .Adopting the City has <br />funds=on hand and therefore does not need to fully levy taxes for the repayment of debt. If <br />hinds are available to pay the debt, then the City must pass. a resolution demonstrating how <br />much :and what issues the City does not plan to levying taxes for. The debt levy reduction is <br />required by Minnesota Statute; section 416:61, <br />The debt issues affected by this statute are the 2015A GO. Refunding Bond and. the 2.0I 8A <br />GC Improvement Bond. In total the Citywould.be required to levy.$8.1,835:d7 in property <br />taxes in 2020 for these two debt issues, however the City has $10 25.00 inthe 2018A Gfl <br />Improvement Bond. As a result, the attached resolution if passed will reduce the City's. 2020 <br />debt levy by: $1,125.00 and wiII result in the City levying $80,710.00 for debt in 2020. <br />Look for. us on the World Wide. Web at gerr►lakenin.org <br />