91-7809R64
RESOLUTION N0. 7809
RESOLUTION AUTHORIZING REDUCTION OF CERTAIN AD VALOREM
TAX LEVIES ON REFUNDING BONDS OF 1978
WHEREAS, Resolution No. 5836 provided for the sale of
$6,500,000 Refunding Bonds of 1978 and provided for taxes to be
levied for the payment of principal and interest thereon, and
WHEREAS, Resolution No. 5852 certified an ad valorem tax
levy for 1991 of $335,300 for payment of principal and interest
on the Refunding Bonds of 1978, and
WHEREAS, It appears desirable to cancel .or reduce certain ad
valorem tax levies to be levied for 1992, 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
Refunding Bonds of 19.78 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 1991, collectible in 1992,
on Resolution No. 5852 in the amount of $295,400 is
hereby canceled.
2. That the amount of $23,100 is levied in 1991 for
collection in 1992.
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 20th day of November; 1991. ~,
Martin J. 'rsch Mayor
ATTEST:
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Thomas P. Ferber City Clerk