88-7464R25
RESOLUTION N0. 7464
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON THE IMPROVEMENT BONDS OF 1980
WHEREAS, Resolution No. 6310 provided for the sale of $6,100,000
Improvement Bonds of 1980 and provided for taxes to be levied for the payment
of principal and interest thereon, and
WHEREAS, Resolution No. 6310 certified an ad valorem tax levy in
1988 of $499,300 for payment of principal and interest on the Improvement
Bonds of 1980, 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
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
1980 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. 6310 in the amount of $499,300 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:
Thomas P. Ferber City Clerk