89-7572R32
RESOLUTION N0. 7572
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
1990 of $346,300 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 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 partial funds available in the Refunding
Bonds of 1978 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. 5852 in the amount of $245,800 is
hereby canceled.
2. That the amount of $100,500 is levied in 1989 for collection in
1990. _
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 6th day
of December, 1989.
ATTEST:
~2.L9"r~
T omas P. Ferber City Clerk