86-7234R8
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RESOLUTION NO. 7234
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 1986 due to the extent that such
reduction is possible by reason of substantial prepayment of
especial 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 1986, collectible in 1987,
on Resolution No. 4990 in the amount of 51~5,~860 is
hereby canceled.
2. That the amount of $55,100 is levied in 1986 for
collection in 1987.
3. That a copy of this resolution shall be sent to the
Hennepin County Auditor.
Passed by the City Council of the City of Richfield,
this 1st day of October, 1986.
ATTEST:
Minnesota,
_ Thomas P. Ferber City Clerk