88-7462R23
RESOLUTION NO. 7462
RESOLUTION AUTHORIZING REDUCTION OF CERTAIN AD VALOREM
TAX LEVIES ON REDEVELOPMENT BONDS OF 1977
WHEREAS, Resolution No. 5752 provided for the sale of $4,700,000
Redevelopment Bonds of 1977 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 funds on hand from tax increments and the
investment from the Project Area exceed the amount necessary to pay 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. 5752 in the amount of $460,200 is
hereby canceled.
Z. 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:
Thomas P. Ferber City Clerk