97-8507r
82
RESOLUTION NO. 8507
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM TAX
LEVIES ON IMPROVEMENT BONDS OF 1983
WHEREAS, Resolution No. 6842 provided for the sale of $825,000 General
Obligation Improvement Bonds of 1983 and provided for taxes to be levied for the
payment of principal and interest thereon; and
WHEREAS, it appears desirable to cancel certain ad valorem tax levies to be
levied for 1997, due to funds on hand from tax increments and the investment earnings
thereon exceed the amount necessary to pay 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 1997, collectible in 1998, on Resolution No. 6842 in the
amount of $25,713 is hereby canceled.
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 8th day of
September, 1997.
ATTEST:
rf~ P0h-
----
Thomas P. Ferber, City Clerk