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HomeMy WebLinkAbout[07] 2020 Equipment Certificates Council Agenda Item 7 MEETING DATE: February 3, 2020 AGENDA ITEM: 2020 Equipment Certificates SUBMITTED BY: Finance BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None PREVIOUS COUNCIL ACTION: Council adopted the 2020 Capital Equipment Plans on December 16, 2019. Council approved the equipment list for the equipment certificates on January 6, 2020. BACKGROUND INFORMATION: Northland Securities was hired for the 2020 equipment certificates issuance. Taft (formally Briggs and Morgan) will represent the City as bond counsel. Since the issuance is relatively small, Northland Securities requested quotes from the local finance institutions. Central Minnesota Credit Union offered a 2.3% interest rate; Sentry Bank quoted a 1.45% interest rate. The City will pay the bank directly, reducing issuance costs by eliminating a paying agent. Staff recommends purchasing the certificates through Sentry Bank for 1.45% interest rate over a five-year term. With issuance costs factored in, the Equipment Certificates will have a par value of $220,000 to purchase th the following capital equipment items. Proceeds will be received on March 5. Computer Upgrades Surveillance Cameras Squad Lease to Purchase Squad Laptops 1575 Lawn Tractor Addition Utility Truck Street Sweeper BUDGET/FISCAL IMPACT: $220,000 Equipment Certificates ATTACHMENTS: Request for Council Action – Equipment Certificate Resolution 2020-004 Providing for the Issuance and Sale Equipment Certificates Contract to Execute Equipment Certificate Purchase with Sentry Bank REQUESTED COUNCIL ACTION: Consider adoption of Resolution 2020-004 and contracting with Sentry Bank for the issuance and sale of a $220,000 GO Certificate of Indebtedness, Series 2020A. EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ST. JOSEPH, MINNESOTA HELD: FEBRUARY 3, 2020 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of St. Joseph, Stearns County, Minnesota, was duly called and held at the City Hall on February 3, 2020, at 6:00 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of a $220,000 General Obligation Equipment Certificate of Indebtedness, Series 2020A. The following members were present: and the following were absent: Member _____________ introduced the following resolution and moved its adoption: RESOLUTION NO. 2020-004 PROVIDING FOR THE ISSUANCE AND SALE OF A $220,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF INDEBTEDNESS, SERIES 2020A AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the City of St. Joseph, Minnesota (the "City"), has heretofore determined and declared that it is necessary and expedient to issue a $220,000 General Obligation Equipment Certificate of Indebtedness, Series 2020A (the "Certificate"), pursuant to Minnesota Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to finance the purchase of a street sweeper for the City (the "Equipment"); and B. WHEREAS, the equipment has an expected useful life at least as long as the term of the Certificate; and C. WHEREAS, the amount of the Certificate does not exceed one-quarter of one percent (0.25%) of the estimated market value of the taxable property in the City ($368,596,800 times 0.25% is $921,492); and D. WHEREAS, no other obligations have been sold pursuant to a private sale within the last twelve calendar months of the date hereof which when combined with this issue would exceed the $1,200,000 limitations on negotiated sales as required by Minnesota Statutes, Section 475.60, Subdivision 2(2); and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of St. Joseph, Minnesota, as follows: 1. Acceptance of Offer. The offer of Sentry Bank, St. Joseph, Minnesota, to purchase the Certificate and to pay therefor the sum of $220,000, all in accordance with the terms and at the rate of interest hereinafter set forth, is hereby accepted. 12311693v2 2. Certificate Terms; Original Issue Date; Denominations; Maturities; Interest. The Certificate shall be dated March 5, 2020, as the date of original issue, be issued forthwith on or after such date in fully registered form, be numbered R-1 in the denomination of $220,000, maturing on December 15, 2025. The Certificate shall bear interest payable semiannually on June 15 and December 15 of each year (each, an "Interest Payment Date"), commencing December 15, 2020, calculated on the basis of a 360-day year of twelve 30-day months, at the rate of 1.45% per annum. 3. Purpose. The Certificate shall provide funds to finance the Equipment. The total cost of the Equipment, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Certificate. 4. No Optional Redemption. This Certificate of this issue is not subject to optional redemption and prepayment prior to the stated maturity date. 5. Mandatory Redemption. This Certificate shall be redeemed by lot in the following years and principal amounts, without any premium, plus accrued interest thereon to such redemption dates: Mandatory Redemption Schedule Year Principal Amount 2021 $43,000 2022 43,000 2023 44,000 2024 45,000 2025 (maturity) 45,000 or, if less than such amount is then outstanding, an amount equal to the aggregate principal amount of the Certificate then outstanding. 6. Registrar. The Finance Director in St. Joseph, in Minneapolis, Minnesota, is appointed to act as registrar and transfer agent with respect to the Certificate (the "Registrar"), and shall do so unless and until a successor Registrar is duly appointed, all pursuant to any contract the City and Registrar shall execute which is consistent herewith. The Registrar shall also serve as paying agent unless and until a successor paying agent is duly appointed. Principal and interest on the Certificate shall be paid to the registered owners (or record owners) of the Certificate in the manner set forth in the form of Certificate. 7. Form of Certificate. The Certificate, together with the Certificate of Registration, shall be in substantially the following form: 2 12311693v2 UNITED STATES OF AMERICA STATE OF MINNESOTA STEARNS COUNTY CITY OF ST. JOSEPH R-1 $220,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF INDEBTEDNESS, SERIES 2020A Interest Rate Maturity Date Date of Original Issue 1.45% December 15, 2025 March 5, 2020 REGISTERED OWNER: SENTRY BANK PRINCIPAL AMOUNT: TWO HUNDRED TWENTY THOUSAND DOLLARS THE CITY OF ST. JOSEPH, STEARNS COUNTY, MINNESOTA (the "Issuer"), certifies that it is indebted and for value received promises to pay to the registered holder specified above, or assigns, duly certified on the Certificate of Registration attached to and made a part of this Certificate (the "Owner"), in the manner hereinafter set forth, the principal amount specified above, on the maturity date specified above, and to pay interest thereon semiannually on June 15 and December 15 of each year (each, an "Interest Payment Date"), commencing December 15, 2020, at the rate per annum specified above (calculated on the basis of a 360-day year of twelve 30-day months) until the principal sum is paid or has been provided for. On the maturity date of this Certificate, the principal of this Certificate shall be paid only upon presentation and surrender of such Certificate to the Finance Director of the City of St. Joseph, Minnesota (the "Registrar"). The principal of and premium, if any, and interest on this Certificate are payable in lawful money of the United States of America. No Optional Redemption. This Certificate of this issue is not subject to optional redemption and prepayment prior to the stated maturity date. Mandatory Redemption. This Certificate shall be redeemed by lot in the following years and principal amounts, without any premium, plus accrued interest thereon to such redemption dates: Mandatory Redemption Schedule Year Principal Amount 2021 $43,000 2022 43,000 2023 44,000 2024 45,000 2025 (maturity) 45,000 3 12311693v2 or, if less than such amount is then outstanding, an amount equal to the aggregate principal amount of the Certificate then outstanding. Issuance; Purpose; General Obligation. This Certificate is issued as a single instrument pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council on February 3, 2020 (the "Resolution"), for the purpose of providing money to finance the purchase of a street sweeper for the Issuer. This Certificate is payable out of the General Obligation Equipment Certificate of Indebtedness, Series 2020A Fund of the Issuer. This Certificate constitutes a general obligation of the Issuer and to provide moneys for the prompt and full payment of its principal, premium, if any, and interest when the same become due, the full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. Payment Instructions. Interest and principal shall be paid by the Finance Director of the City of St. Joseph, Minnesota (the "Registrar") by check, ACH debit, wire transfer or draft mailed to the Owner at the address listed on the Certificate of Registration attached to and made a part of this Certificate. On the maturity date or final redemption payment, the Owner shall surrender this Certificate to the Registrar. Date of Payment Not a Business Day. If the nominal date for payment of any principal of or interest on this Certificate shall not be a business day of the Issuer or of the Owner, then the date for such payment shall be the next such business day and payment on such business day shall have the same force and effect as if made on the nominal date of payment. Transfer. This Certificate is transferable, as provided in the Resolution, upon the Register kept by the Finance Director upon surrender of this Certificate together with a written instrument of transfer duly executed by the Owner or the Owner's attorney duly authorized in writing, and thereupon a new, fully registered Certificate in the same principal amount shall be issued to the transferee in exchange therefor (or the transfer shall be duly recorded on the Register and the Certificate of Registration hereof), upon the payment of charges and satisfaction of applicable conditions, if any, as therein prescribed; provided that such transfer may occur only with respect to the entire Certificate. The Issuer may treat and consider the person in whose name this Certificate is registered as the absolute Owner hereof for the purpose of receiving payment of or on account of the principal of and interest on this Certificate and for all other purposes whatsoever. Fees upon Transfer or Loss. The Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of this Certificate and any legal or unusual costs regarding transfers and lost Certificate. Authentication. This Certificate shall not be valid or become obligatory for any purpose or be entitled to any security unless the Certificate of Registration hereon shall have been executed by the Registrar. Qualified Tax-Exempt Obligation. This Certificate has been designated by the Issuer as a "qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. 4 12311693v2 IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this Certificate, have been done, have happened and have been performed, in regular and due form, time and manner as required by law and that this Certificate, together with all other debts of the Issuer outstanding on the date of original issue hereof and the date of its issuance and delivery to the original purchaser, does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of St. Joseph, Stearns County, Minnesota, by its City Council has caused this Certificate to be executed on its behalf by the manual signatures of its Mayor and its City Administrator, the corporate seal of the Issuer having been intentionally omitted as permitted by law. Date of Registration: CITY OF ST. JOSEPH STEARNS COUNTY March 5, 2020 MINNESOTA REGISTRABLE BY AND PAYABLE AT: Finance Director Mayor City of St. Joseph, Minnesota City Administrator 5 12311693v2 CERTIFICATE OF REGISTRATION The transfer of ownership of the principal amount of the attached Certificate may be made only by the registered owner or the registered owner's legal representative last noted below: DATE OF SIGNATURE OF REGISTRATION REGISTERED OWNER REGISTRAR Sentry Bank, th 400 4 Avenue NE St. Joseph, MN 56374 March 5, 2020 6 12311693v2 REGISTER OF PARTIAL PAYMENTS The installment of principal amount of the attached Certificate has been prepaid on the dates and in the amounts noted below: SIGNATURE OF SIGNATURE OF DATE AMOUNT REGISTERED OWNER REGISTRAR If a notation is made on this register, such notation has the effect stated in the attached Certificate. Partial payments do not require the presentation of the attached Certificate 7 12311693v2 8. Execution. The Certificate shall be in typewritten form, shall be executed on behalf of the City by the manual signatures of its Mayor and City Administrator, the seal having been omitted as permitted by law. In the event of disability or resignation or other absence of either such officer, the Certificate may be signed by the signature of that officer who may act on behalf of such absent or disabled officer. In case either such officer whose signature shall appear on the Certificate shall cease to be such officer before the delivery of the Certificate, such signature shall nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. 9. Delivery; Application of Proceeds. The Certificate when so prepared and executed shall be delivered by the Administrator to the Purchaser upon receipt of the purchase price and the Purchaser shall not be obliged to see to the proper application thereof. 10. Funds and Accounts. There is hereby created a special fund to be designated the "General Obligation Equipment Certificate of Indebtedness, Series 2020A Fund" (the "Fund") to be administered and maintained by the Finance Director as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The Fund shall be maintained in the manner herein specified until the Certificate and the interest thereon have been fully paid. There shall be maintained in the Fund the following separate accounts: (a) Capital Account. To the Capital Account there shall be credited the proceeds of the sale of the Certificate, less capitalized interest. From the Capital Account there shall be paid all costs and expenses of the acquisition of the Equipment and costs of issuance of the Certificate, including all costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65. The moneys in the Capital Account shall be used for no other purpose except as otherwise provided by law; provided that the proceeds of the Certificate may also be used to the extent necessary to pay interest on the Certificate due prior to the anticipated date of commencement of the collection of taxes herein levied. (b) Debt Service Account. There are hereby irrevocably appropriated and pledged to, and there shall be credited to, the Debt Service Account: (i) any collections of all taxes heretofore, herein or hereafter levied for the payment of the Certificate and interest thereon; (ii) capitalized interest in the amount of $2,481.11 (together with interest earnings thereon and subject to such other adjustments as are appropriate) to provide sufficient funds to pay interest due on the Certificate on or before December 15, 2020 (iii) all funds remaining in the Capital Account after the payment of all costs of the Equipment; (iv) all investment earnings on funds held in the Debt Service Account; and (v) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Debt Service Account. The Debt Service Account shall be used solely to pay the principal and interest of the Certificate and any other general obligation Certificate of the City hereafter issued by the City and made payable from said account as provided by law. No portion of the proceeds of the Certificate shall be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except (1) for a reasonable temporary period until such proceeds are needed for the purpose for which the Certificate was issued and (2) in addition to the above in an amount not greater than the lesser of five percent of the proceeds of the Certificate or $100,000. 8 12311693v2 To this effect, any proceeds of the Certificate and any sums from time to time held in the Capital Account or Debt Service Account (or any other City account which will be used to pay principal or interest to become due on the Certificate payable therefrom) in excess of amounts which under then applicable federal arbitrage regulations may be invested without regard to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments after taking into account any applicable "temporary periods" or "minor portion" made available under the federal arbitrage regulations. Money in the Fund shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Certificate to be "federally guaranteed" within the meaning of Section 149(b) of the Internal Revenue Code of 1986, as amended (the "Code"). 11. Tax Levy; Coverage Test. To provide moneys for payment of the principal and interest on the Certificate there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for the years and in the amounts as follows: Year of Tax Levy Year of Tax Collection Amount See Attached Schedule The tax levies are such that if collected in full they will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Certificate. The tax levies shall be irrepealable so long as the Certificate is outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. 12. General Obligation Pledge. For the prompt and full payment of the principal and interest on the Certificate, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Certificate and any other Certificate payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 13. Certificate of Registration and Tax Levy. The City Administrator is hereby directed to file a certified copy of this resolution with the County Auditor of Stearns County, Minnesota, together with such other information as each such County Auditor shall require, and to obtain the County Auditor's certificate that the Certificate has been entered in the County Auditor's Register and that the tax levy required by law has been made. 14. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Certificate, certified copies of all proceedings and records of the City relating to the Certificate and to the financial condition and affairs of the City, and such other affidavits, Certificates and information as are required to show the facts relating to the legality and 9 12311693v2 marketability of the Certificate as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, Certificate and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 15. Compliance With Reimbursement Certificate Regulations. The provisions of this paragraph are intended to establish and provide for the City's compliance with United States Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") applicable to the "reimbursement proceeds" of the Certificate, being those portions thereof which will be used by the City to reimburse itself for any expenditure which the City paid or will have paid prior to the Closing Date (a "Reimbursement Expenditure"). The City hereby certifies and/or covenants as follows: (a) Not later than sixty days after the date of payment of a Reimbursement Expenditure, the City (or person designated to do so on behalf of the City) has made or will have made a written declaration of the City's official intent (a "Declaration") which effectively (i) states the City's reasonable expectation to reimburse itself for the payment of the Reimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional description of the property, project or program to which the Declaration relates and for which the Reimbursement Expenditure is paid, or identifies a specific fund or account of the City and the general functional purpose thereof from which the Reimbursement Expenditure was to be paid (collectively the "Project"); and (iii) states the maximum principal amount of debt expected to be issued by the City for the purpose of financing the Project; provided, however, that no such Declaration shall necessarily have been made with respect to: (i) "preliminary expenditures" for the Project, defined in the Reimbursement Regulations to include engineering or architectural, surveying and soil testing expenses and similar prefatory costs, which in the aggregate do not exceed 20% of the "issue price" of the Certificate, and (ii) a de minimis amount of Reimbursement Expenditures not in excess of the lesser of $100,000 or five percent of the proceeds of the Certificate. (b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of the Certificate or any of the other types of expenditures described in Section 1.150-2(d)(3) of the Reimbursement Regulations. (c) The "reimbursement allocation" described in the Reimbursement Regulations for each Reimbursement Expenditure shall and will be made forthwith following (but not prior to) the issuance of the Certificate and in all events within the period ending on the date which is the later of three years after payment of the Reimbursement Expenditure or one year after the date on which the Project to which the Reimbursement Expenditure relates is first placed in service. Each such reimbursement allocation will be made in a writing that evidences the City's use of Certificate proceeds to reimburse the Reimbursement Expenditure and, if made within thirty days after the Certificate is issued, shall be treated as made on the day the Certificate is issued. 10 12311693v2 Provided, however, that the City may take action contrary to any of the foregoing covenants in this paragraph upon receipt of an opinion of its Bond Counsel for the Certificate stating in effect that such action will not impair the tax-exempt status of the Certificate. 16. Defeasance. When all of the Certificate has been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the registered holders of the Certificate shall cease. The City may discharge its obligations with respect to any Certificate which are due on any date by irrevocably depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Certificate should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The City may also at any time discharge its obligations with respect to any Certificate, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a suitable banking institution qualified by law as an escrow agent for this purpose, cash or securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest payable at such times and at such rates and maturing on such dates as shall be required, subject to sale and/or reinvestment, to pay all amounts to become due thereon to maturity. 17. Negative Covenant as to Use of Proceeds and Equipment. The City hereby covenants not to use the proceeds of the Certificate or to use the Equipment, or to cause or permit them to be used, or to enter into any deferred payment arrangements for the cost of the Equipment, in such a manner as to cause the Certificate to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. 18. Tax-Exempt Status of the Certificate; Rebate. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Certificate, including without limitation (i) requirements relating to temporary periods for investments, (ii) limitations on amounts invested at a yield greater than the yield on the Certificate, and (iii) the rebate of excess investment earnings to the United States, if the Certificate (together with other obligations reasonably expected to be issued and outstanding at one time in this calendar year) exceeds the small issuer exception amount of $5,000,000. For purposes of qualifying for the exception to the federal arbitrage rebate requirements for governmental units issuing $5,000,000 or less of bonds, the City hereby finds, determines and declares that (i) the Certificate is issued by a governmental unit with general taxing powers, (ii) no Certificate is a private activity bond, (iii) ninety-five percent or more of the net proceeds of the Certificate is to be used for local governmental activities of the City (or of a governmental unit the jurisdiction of which is entirely within the jurisdiction of the City), and (iv) the aggregate face amount of all tax exempt bonds (other than private activity bonds) issued by the City (and all subordinate entities thereof, and all entities treated as one issuer with the City) during the calendar year in which the Certificate is issued and outstanding at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(D) of the Code. 11 12311693v2 19. Designation of Qualified Tax-Exempt Obligations. In order to qualify the Certificate as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City hereby makes the following factual statements and representations: (a) the Certificate is issued after August 7, 1986; (b) the Certificate is not "private activity bonds" as defined in Section 141 of the Code; (c) the City hereby designates the Certificate as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code; (d) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all entities treated as one issuer with the City, and all subordinate entities whose obligations are treated as issued by the City) during this calendar year 2020 will not exceed $10,000,000; (e) not more than $10,000,000 of obligations issued by the City during this calendar year 2020 have been designated for purposes of Section 265(b)(3) of the Code; and (f) the aggregate face amount of the Certificate does not exceed $10,000,000. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this paragraph. 20. Severability. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. 21. Headings. Headings in this resolution are included for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. The motion for the adoption of the foregoing resolution was duly seconded by member __________________ and, after a full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same: Whereupon the resolution was declared duly passed and adopted. 12 12311693v2 STATE OF MINNESOTA COUNTY OF STEARNS CITY OF ST. JOSEPH I, the undersigned, being the duly qualified and acting City Administrator of the City of St. Joseph, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council duly called and held on the date therein indicated, insofar as such minutes relate to providing for the issuance and sale of a $220,000 General Obligation Equipment Certificate of Indebtedness, Series 2020A. WITNESS my hand on February 3, 2020. ________________________________ City Administrator 13 12311693v2 105% Levy DateTotal P+ICIF105% LevyLevy YearCollection Year 12/15/20202,481.11(2,481.11)--- 12/15/202146,190.00-48,499.5020202021 12/15/202245,566.50-47,844.8320212022 12/15/202345,943.00-48,240.1520222023 12/15/202446,305.00-48,620.2520232024 12/15/202545,652.50-47,935.1320242025 Total$232,138.11(2,481.11)$241,139.85 ATTACHMENT TO RESOLUTION TAX LEVY SCHEDULE 14 12311693v2