92-7939R91
RESOLUTION NO. 7939
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON REDEVELOPMENT BONDS OF 1977
WHEREAS, Resolution No. 5752 provided for the sale of
$4,700,000 Redevelopment Bonds of 1977 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 1993, 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 1992, collectible in 1993,
on Resolution No. 5752 in the amount of $497,200 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.
~~~
Martin J. K' ch Mayor
ATTEST:
Thomas P. Ferber City Jerk