86-7239R13
RESOLUTION NO. 7239
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES ON THE IMPROVEMENT BONDS OF 1985
WHEREAS, Resolution No. 7096 provided for the sale of
$1.,940,000 improvement Bonds of 1985 and provided for taxes to be
levied for the payment of principal and interest thereon, and
WHEREAS, Resolution No. 7100 certified an ad valorem
tax levy in 1986 of $20,737.00 or payment of principal and
interest on the Improvement Bonds of 1985, 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
Improvement Bonds of 1985 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. 7100 in the amount of $20,737.00 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 Richfi~ld, Minnesota,
this 1st day of October, 198.6. /~
H~Ynilton Mayor
ATTEST:
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Thomas P. Ferber City Clerk