90-7690R51
RESOLUTION N0. 7690
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON THE IMPROVEMENT BONDS OF 1980
WHEREAS, Resolution No. 6310 provided for the sale of
$6,100,000 Improvement Bonds of 1980 and provided for taxes to be
levied for the payment of principal and interest thereon, and
WHEREAS, Resolution No. '6310 certified an ad valorem tax
levy for 1991 of $492,400 for payment of principal and interest
on the Improvement Bonds of 1980, 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 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 1980 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 1990, collectible in 1991,
on Resolution No. 6310 in the amount of $492,400 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:
t
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Thomas P. Ferber City Clerk