88-7461R22
RESOLUTION N0. 7461
RESOLUTION AUTHORIZING REDUCTION 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 1973 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 in 1988 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 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 1988, collectible in 1989,
on Resolution No. 4990 in the amount of $76,728 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 28th day
of September, 1988.
ATTEST:
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Thomas P. Ferber City Clerk