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I Ii RESOLUTION NO. 85-104-A STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON :RESOLUTION AUTHORIZING FINANCING FOR THE LAKE DIANE STORM SEWER !, WHEREAS, in 1984 the City authorized the creation of the Lake Diane Storm Sewer Taxing District; WHEREAS, in creating this District, the City intended to provide the affected properties with solution to a water problem ;whi1e also providing for beneficial treatment in the area of income taxes; WHEREAS, to afford both of these benefits, a levy was initiated in 1984 to be collected in 1985; WHEREAS, the State of Minnesota has advised the City that Ithis levy may not be considered a special levy because the 'special levy status is reserved for projects which were financed :by bonds; WHEREAS, the decision of the State of Minnesota results in the City's 1985 levy being in excess of the allowable limit; and WHEREAS, this decision would result in all subsequent :levies being in excess of the allowable limit. NOW, THEREFORE, BE IT RESOLVED THAT: 1. The 1986 levy limit base will be adjusted down as pre- scribed by the State but to accommodate this adjustment the Bonded Debt Levy will be increased a corresponding amount. The adjustment amount is $11,264.00. 2. TO continue the taxing district in subsequent years, the same adjustment will be made. 3. The loss of revenues resulting from the adjustment of the levy limit base will be replaced by use of the interest earnings from the Closed Bond Fund. The use of interest earnings will be set at the same level as was intended to be applied against the Bonded Debt Levy. Adopted this 24th day of September, 1985. /' /L;?>" , :t/~:,; /~"~~:::;-O7 ' ' "a;;gC:~Py~";:;~s,' ~a:::;eo/~ '~ATT~E.~'r:'_ ' , " I "_~\ Maijjar t E..~ Egan Financ~ Ditecior/City Clerk ..........-. (SEAL)