90-7686R47
RESOLUTION NO. 7686
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON THE IMPROVEMENT BONDS OF 1972
WHEREAS, Resolution No. 4793 provided for the sale of $2,100,000
Improvement Bonds of 1972 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 1991 due to the extent that such
reduction is possible and the investment return on these funds, and
WHEREAS, There is presently funds available in the Improvement
Bonds of 1972 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 1990, collectible in 1991,
on Resolution No. 4793 in the amount of $81,800 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
28th day of November, 1990.
ATTEST:
Thomas P. Ferber City Clerk