99-8764r
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RESOLUTION NO. 8764
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 1999 of
$467,900 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 2000, 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 ITRESOLVED by City Council of the City of Richfield,
Minnesota as follows:
1. That the amount levied in 1999, collectible in 2000 on Resolution No. 6310 in the
amount of $467,900 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 13th day of
September, 1999.
ATTEST:
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Thomas P. Ferber, City Clerk