85-7082R26
RESOLUTION N0. 7082
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM
TAX LEVIES OF THE IMPROVEMENT BONDS OF 1977
WFIEREAS, Resolution No. 5753 provided for the sale of $4,500:000 Improvement
Bonds of 1977 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 by reason of substantial prepayment of special
assessments and the investment return on these fonds, and the
return of unused bond proceeds, and
WHEREAS, There is presently partial funds available in the Improvement Bonds.
of 1977 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, THEREIDRE, 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. 5753 in the amount of $54,100 is hereby
canceled.
2. That the amount of $69,100 is levied in 1985 for collection
in 1986.
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, Minnesota, this
8th day of October. 1985.
AZ'I`EST:
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Thomas P. Ferber City Clerk