85-7079R23
RESOLUTION N0. 7079
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIlV AD VALOREM
TAX LEVIES ON IMPROVEMENT BONDS OF 1967 FUND AND
RIDUCING 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
WF~REAS, It appears desirable to cancel or reduce ad valorem tax levies to
be levied in 1985 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
W~iEREAS, The ad valorem tax levy requirement includes a 5 percent excess
provision.
NOW, THEREFORE, BE IT RESOLVID by the City Council of the City of Richfield,
Minnesota., as follows:
1. That the amount levied in 1985, collectible in 1986,
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
8th day of October, 1985-
ATTEST:
Thomas P. Ferber City Clerk