93-8054r11
RESOLUTION N0. 8054
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON IMPROVEMENT BONDS OF 1985
WHEREAS, Resolution No. 7100 provided for the sale of
51,940,000 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 1994, 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 1993, collectible in 1994,
on Resolution No. 7100 in the amount of 531,116 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.
~~G~,!
Martin J. K'rsch Mayor
ATTEST:
~-i.~ !/ ~
Thomas P. Ferber City Clerk