89-7570Rsu
RESOLUTION N0. 7570
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 1913 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 1990 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 Improvements 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 1989, collectible in 1990,
on Resolution No. 4990 in the amount of $79,454 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 6th day
of December, 1989.
ATTEST:
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Thomas P. Ferber City Clerk