86-7233R7
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RESOLUTION N0. 7233
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON IMPROVEMENT BONDS OF 1967 FUND AND
REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 3901 provided for the sale of
$275,000 Improvement Bonds of 1967 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 1986 due to the extent that such
reduction is possible by reason of substantial prepayment of
special assessments and the interest return on these funds, 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 1986, collectible in .1987,
on Resolution No. 3901 in the amount of $3,500 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 lst day of October, 1986.
ATTEST:
/ ~1 ~~
Thomas P. Ferber City Clerk