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RESOLUTION NO. 8935
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM TAX
LEVIES ON THE IMPROVEMENT BONDS OF 1980
WHEREAS, Resolution No. 6310 provided for the sale of $6,100,000 Improvement
Bonds of 1980 and provided for taxes to be levied for the payment of principal and interest
thereon; and
WHEREAS, Resolution No. 6310 certified an ad valorem tax levy for 2000 of
$449,800 for payment of principal and interest on the Improvement Bonds of 1980; and
WHEREAS, it appears desirable to cancel certain ad valorem tax levies to be levied
for 2001, due to substantial prepayment in previous years of special assessments and the
investment return on these funds; and
WHEREAS, there are presently funds available in the Improvement Bonds of 1980
Fund to pay current principal and interest on such bonds; and
WHEREAS, the ad valorem tax levy requirement includes a 5 percent excess
provision.
NOW, THEREFORE, BE IT RESOLVED by City Council of the City of Richfield,
Minnesota as follows:
1. That the amount levied in 2000, collectible in 2001 on Resolution No. 6310 in the
amount of $449,800 is hereby cancelled.
2. That a copy of this resolution shall be sent to the Hennepin County Auditor.
Adopted by the City Council of the City of Richfield, Minnesota this 11th day of
September, 2000.
h~~ /LA
Martin J. Kir , Mayor
ATTEST: