2024-051 Resolution Approving the Proposed Tax Levy, setting Debt Service Levels at Levels under those Required in the Bond Documents, Approving the Proposed 2025 Budget, and Setting the Budget Meeting Date CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2024-051
APPROVING THE PROPOSED 2025 TAX LEVY, SETTING DEBT SERVICE
LEVELS AT LEVELS UNDER THOSE REQUIRED IN THE BOND
DOCUMENTS, APPROVING THE PROPOSED 2025 BUDGET,
AND SETTING THE BUDGET MEETING DATE
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Hopkins
hereby approves the following sums be levied for 2025 upon the taxable property in the
City of Hopkins, for the following purposes:
General Levy
General $17,035,025
Special Levies
Debt Levies
2014A GO Bonds 97,000
2015A GO Street Reconstruction Bonds 240,000
2015B GO Tax Abatement Bonds 105,000
2016A GO Improvement Bonds 85,000
2016B GO Tax Abatement Bonds 10,000
2016C GO Bonds 125,000
2017A GO Street Reconstruction Bonds 990,000
2017B GO Tax Abatement Bonds 158,020
2018A GO Equipment Certificates 52,794
2018A GO Improvement Bonds 375,000
2019A GO Bonds 384,889
2019B GO Refunding Bonds 165,000
2020A GO Bonds 156,934
2020B GO Refunding Bonds 238,627
2021A GO Bonds 214,038
2022A GO Bonds 197,486
2022A GO Equipment Certificates 123,742
2023A GP Temporary Bonds 30,000
Subtotal Special Levies $3,748,530
Total Levy $20,783,555
That based upon staff analysis of special assessments currently levied for Permanent
Improvement Bonds, alternative revenue sources for the Capital Improvement Bonds
and Equipment Certificates, and available reserves within all debt service funds listed
below, that the debt service levies for 2025 for the following issues be levied at amounts
less than provided by the bond covenants.
Bond Issue
$1,895,000 GO Bonds of 2014A $ 97,000
$4,100,000 GO Street Reconstruction Bonds of 2015A $240,000
$2,940,000 GO Tax Abatement Bonds of 2015B $105,000
$4,335,000 GO Improvement Bonds of 2016A $ 85,000
$1,630,000 GO Tax Abatement Bonds of 2016B $ 10,000
$1,875,000 GO Bonds of 2016C $125,000
$6,125,000 GO Improvement Bonds of 2018A $375,000
$590,000 GO Equipment Certificates of 2018A $ 52,794
$3,285,000 GO Tax Abatement Bonds of 2018B $ 0
$12,185,000 GO Bonds of 2019A $384,889
$2,785,000 GO Bonds of 2020A $156,934
That the Proposed 2025 General Fund Budget be set at $19,705,940
That the budget meeting to discuss the 2025 budget and tax levy be set for December
2, 2024 at 6:30 PM in the City Council Chambers.
BE IT FURTHER RESOLVED that the City Clerk is hereby ordered and directed to
transmit a certified copy of this resolution to the County Auditor of Hennepin County,
Minnesota
Adopted by the City Council of the City of Hopkins this 3rd day of September, 2024.
By:
a nck Hanlon, Mayor
ATTEST:
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Amy omeier, City Clerk