94-8188r50
RESOLUTION NO. 8188
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON IMPROVEMENT BONDS OF 1985
WHEREAS, Resolution No. 7100 provided for the sale of $1,940,000
General Obligation Improvement Bonds of 1985 and provided for taxes to
be levied for the payment of principal and interest thereon; and
WHEREAS, it appears desirable to cancel or reduce certain ad
valorem tax levies to be levied for 1995, 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 the City Council of the City of
Richfield, Minnesota as follows:
1. That the amount levied in 1994, collectible in 1995,
on Resolution No. 7100 in the amount of $25,806 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. irsch Mayor
ATTEST:
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homas P. Ferber City Clerk