95-8284r
57
RESOLUTION NO. 8284
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 1996 of
$489,000 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 1996, 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 1995, collectible in 1996, on Resolution No. 6310 in the
amount of $489,000 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.
q~U
Martin J. Kirsc, ayor
ATTEST:
7~ f?~
Thomas P. Ferber, City Clerk