93-8050rRESOLUTION NO. 8050
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON IMPROVEMENT BONDS OF 1973
WHEREAS, Resolution No. 4990 provided for the sale of $6,300,000
Improvement Bonds of 1973 and provided for taxes to be levied for the
payment of principal and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce ad valorem tax
levies to be levied for 1994, 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 Improvement
Bonds of '1973 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 1993, collectible in 1994,
on Resolution No. 4990 in the amount of $133,218 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
13th day of September, 1993.
Martin J. i sch Mayor
ATTEST:
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Thomas P. Ferber City Clerk