95-8286r
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RESOLUTION NO. 8286
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM TAX
LEVIES ON REDEVELOPMENT BONDS OF 1977
WHEREAS, Resolution No. 5752 provided for the sale of $4,700,000
Redevelopment Bonds of 1977 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 1996, due to funds on hand from tax increments and the investment from the
Project Area 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 1995, collectible in 1996, on Resolution No. 5752 in
the amount of $799,300 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