93-8055r12
RESOLUTION NO. 8055
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 1993 of 5237,200 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 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 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 1993, collectible in 1994,
on Resolution No. 5753 in the amount of $18,880 is
hereby canceled.
2. That the amount of 5218,320 is levied in 1993 for
collection in 1994.
3. 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. K'r ch Mayor
ATTEST:
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Thomas P. Ferber City Clerk