92-7938R90
RESOLUTION NO. 7938
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 1993, 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 1992, collectible in 1993,
on Resolution No. 4990 in the amount of 586,689 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 9th day of December, 1992.
L
o~~~ /~ . `
Martin J. 'rsch Mayor
ATTEST:
Thomas P. Ferber City Clerk