86-7236R10
RESOLUTION. NO. 7236
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON REFUNDING BONDS OF 1978
WHEREAS, Resolution No. 5836 provided for the sale of
$6,500,000 Refunding Bonds of 1978 and provided for taxes to be
levied for the payment of principal and interest thereon, and
WHEREAS, Resolution No. 5852 certified an ad valorem
tax levy in 1986 of $374,700 for payment of principal and
interest on the Refunding Bonds of 1978, and
WHEREAS, It appears desirable to cancel or reduce certain 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 investment return on these funds, and
WHEREAS, There is presently funds available in the Refunding
Bonds of 1978 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. 5852 in the amount of $374,700 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 1st day of October, 1986.
ATTEST:
~~
Thomas P. Ferber City Clerk