85-7083R27
RESOLUTION N0. 7083
RESOLUTION AUTHORIZING REDUCTION OF CERTAIN AD VALOREM TAX LEVIES
OF THE RIDEVELOPMENT BONDS OF 1977
WHEREAS, Resolution No. 5752. provided for the sale of $4,700,000
Redevelopment 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 funds on hand
from tax increments from the Project Area exceed the amount
necessary to pay 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. 5752 in the amount of $380,600
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 Richfie , Minneota, this
8th day of October, 1985- f~
ATTEST:
G G~f2'lG0 ''~f'-'~Z.~/~
T omas P. Ferber City Clerk