85-7080R24
RESOLUTION N0. 7080
RESOLUTION AUTHORIZING REDUCTION OF CERTAIN AD VALOREM
TAX LEVIES OF THE IMPROVEMENT BONDS OF 1972
WHEREAS, Resolution No. 4793 provided for the sale of $2,100,000 Improvement
Bonds of 1972 and provided for taxes to be levied for the payment
of principal and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce certain ad valorem tax
levies to be levied in 1985 due to the extent that such reduction
is possible and the investment return on these funds, and
WHEREAS, There is presently funds available in the Improvement Bonds of 1972
Fund to pay current principal and interest on such bonds, and
'Wf~REAS, 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 to be levied in 1985, collectible in 1986 on
Resolution No. 4793 in the amount of $93,700 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
8th day of October, 1985.
ATTEST:
omas P. Ferber City Clerk