95-8282r
55
RESOLUTION NO. 8282
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM TAX
LEVIES ON IMPROVEMENT BONDS OF 1977
WHEREAS, Resolution No. 5753 provided for the sale of $4,500,000 General
Obligation Improvement Bonds of 1977 and provided for taxes to be levied for the
payment of principal and interest thereon; and
WHEREAS, Resolution No. 5753 certified an ad valorem tax levy for 1996 of
$222,800 for payment of principal and interest on the Improvement Bonds of 1977; and
WHEREAS, it appears desirable to cancel certain ad valorem tax levies to be
levied for 1996, due to substantial prepayment in previous years of special assess-
ments and the investment return on these funds; and
WHEREAS, there are presently funds available in the Improvement Bonds of
1977 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 1995, collectible in 1996, on Resolution No. 5753 in
the amount of $222,800 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 11th day of
September, 1995.
/?/d:itf;J, U
Martin J. Kirs , ayor
ATTEST:
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Thomas P. Ferber, City Clerk