94-8186r48
RESOLUTION NO. 8186
RESOLUTION AUTHORIZING REDUCTION 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
1994 of $267,900 for payment of principal and interest on the
Refunding Bonds of 1978; and
WHEREAS, it appears desirable to cancel or reduce certain ad
valorem tax levies to be levied for 1995, due to the extent that such
reduction is possible by reason of substantial prepayment of special
assessments and the investment return on these funds; and
WHEREAS, there is 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 the City Council of the City of
Richfield, Minnesota as follows:
1. That the amount levied in 1994, collectible in 1995,
on Resolution No. 5852 in the amount of $267,900 is
hereby canceled.
2. That a copy of this resolution shall be sent to the
Hennepin County Auditor.
Passed by the City Council of the City of Richfield, Minnesota, this
12th day of September, 1994.
~~ __ . `
Martin J. rsch Mayor
ATTEST:
Thomas P. Ferber City Clerk