95-8285r
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RESOLUTION NO. 8285
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM TAX
LEVIES ON REFUNDING BONDS OF 1978
WHEREAS, Resolution No. 5836 provided for the sale of $6,500,000 Refunding
Bonds of 1978 and provided for taxes to be levied for the payment of principal and
interest thereon; and
WHEREAS, Resolution No. 5852 certified an ad valorem tax levy for 1996 of .
$208,800 for payment of principal and interest on the Refunding Bonds of 1978; 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 Refunding Bonds of 1978
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. 5852 in the
amount of $208,800 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.
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ATTEST:
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Thomas P. Ferber, City Clerk