85-7085R30
N0. 7085A
RESOLUTIQN AUTHORIZING CANCELLATION
OF CER AIN AD VALOREM TAX LEVIES
OF THE~IMPROVEMEN'T BONDS OF 1983
WHEREAS, Resolution No. 6842 provided for the sale of $825,000 Improvement
Bonds of 1983 and provided for taxes to be levied for the payment
of principal and interest thereon, and
WHEREAS, Resolution No. 6842 certified an ad valorem tax levy in 1985 of
$21,018.20 or payment of principal and interest on the Improvement
Bonds of 1983, and',
WHEREAS, It appears desirable to cancel certain ad valorem tax levies to be
levied in 1985 duejto 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
1983 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 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 Resolutionl,No. 6842 in the amount of $21,018.20 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 o:
8th day of October, 1.985.
ATTEST:
~~~
Thomas P. Ferber City Clerk'
29
RESOLUTION N0. 7085
~SOLUTI~N AUTHORIZING CANCELLATION
OF CE AIN AD VALOREM TAX LEVIES
OF THE IMPROVEMF~1'r BONDS OF 1980
WHEREAS, Resolution No. 6310 provided for the sale of $6,100,000 Improvement
Bonds of 1980 and provided for taxes to be levied for the payment
of principal and interest thereon, and
WHEREAS, Resolution No. 6310 certified an ad valorem tax levy in 1985 of
$497,900 for payment of principal and interest on the Improvement
Bonds of 1980, and''
WHEREAS, It appears desirable to cancel 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 specialassessments and the
investment return on these funds, and
WHEREAS, There is presently'~,funds available in the Improvement Bonds of
1980 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, THEREFI~RE, BE IT RESOLVED'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. 5852 in the amount of $497,900 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 o:
8th day of October, 1985•
ATTEST:
Thomas P. Ferber City Clerk'