88-7460RZ1
RESOLUTION N0. 7460
RESOLUTION AUTHORIZING REDUCTION OF CERTAIN AD VALOREM
TAX LEVIES ON THE IMPROVEMENT BONDS OF 1972
WHEREAS, Resolution No. 4793 provided for the sale of $2,100,000
Improvement Bonds of 1972 and provided for taxes to be levied for the payment
of principal. and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce certain ad valorem tax
levies to be levied in 1988 due to the extent that such reduction is possible
and the investment return on these funds, and
WHEREAS, There is presently funds available in the Improvement Bonds of
1972 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 1988, collectible in 1989,
on Resolution No. 4793 in the amount of $84,100 is
hereby canceled.
2. That a copy of this resolution shall be sent to the
Hennepin County Auditor.
r
Passed by the City Council of the City of Richfield, Minnesota, this 28th day
of September 1988.
ATTEST:
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Thomas P. Ferber City Clerk