94-8189r51
RESOLUTION N0. 8189
RESOLUTION AUTHORIZING REDUCTION OF CERTAIN AD VALOREM
TAX LEVIES ON IMPROVEMENT BONDS OF 1977
WHEREAS, Resolution No. 5753 provided for the sale of $4,500,000
General Obligation Improvement Bonds of 1977 and provided for taxes to
be levied for the payment of principal and interest thereon; and
WHEREAS, Resolution No. 5753 certified an ad valorem tax.levy for
1994 of $230,000 for payment of principal and interest on the
Improvement Bonds of 1977; 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 partial funds available in the
Improvement Bonds of 1977 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. 5753 in the amount of $230,000 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.
G
Martin J. i sch Mayor
ATTEST:
~ _
Thomas P. Ferber City Clerk