89-7575R35
RESOLUTION NO. 7575
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON THE IMPROVEMENT BONDS OF 1985
WHEREAS, Resolution No. 7096 provided for the sale of $1,940,000
improvement Bonds of 1985 and provided for taxes to be levied for the payment
of principal and interest thereon, and
WHEREAS, Resolution No. 7100 certified an ad valorem tax levy for
1990 of $27,786..00 for payment of principal and interest on the Improvement
Bonds of 1985, 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 funds available in the Improvement Bonds of
1985 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. 7100 in the amount of $27,786.00 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, Minne ta, t
of December, 1989. ~ ,
ven J.
ATTEST:
~.
Thomas P. Ferber City Clerk
6~ day
Mayor