85-7120R65
RESOLUTION N0. 7120
RESOLUTION AMENDING RESOLUTION NO. 7071
ESTABLISHING ANNUAL INTEREST RATE FOR CITY PROJECT N0. 793,
1984 ALLEY PAVING
WHEREAS, pursuant to all applicable law,-the City Council
adopted (March 11 ,- 1985) Resolution No. 7019, "Resolution
Adopting Assessment on City Project No. .793, 1984 Alley
Paving," and
WHEREAS, .pursuant to all applicable law, the City Council
adopted (September 23, 1985) Resolution No. 7071, "Resolution
Amending Resolution No. 7019 Adopting Assessment on City Project
No. 793, 1984 Alley Paving, Establishing Annual Interest Rate"
by setting the annual interest rate at 9~, and,
WHEREAS, said Resolution No. 7019 and 7071 were adopted
prior to the sale of General Obligation Improvement Bonds of 1985
to finance the project but before the deadline to certify the
project to Hennepin County on October 10, 1985, and
WHEREAS, the City subsequently sold (November 6, 1985)
General Obligation Improvement Bonds to finance the projects at
a net interest rate of 7.58, and
WHEREAS, the City is limited by its agreement with Richfield
State Agency on City Project No. 813_to charge an annual
interest rate not greater than 1~ more than the General
Obligation Improvement Bonds that are sold•to finance the
project, and,
WHEREAS, it is the City's intent to establish a uniform
annual interest rate for all projects included in the said
General Obligation Improvement Bonds of 1985.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Richfield, Minnesota, that Resolution No. 7071 amending
Resolution No. 7019 adopting assessment on City Project No. 793,
1984 Alley Paving, establishing annual interest rate be amended
to state the assessment shall bear an annual interest rate of
8.58.
Passed by the City Council of he Cit of Richfield,
Minnesota, this 9th day of Decfe~nb, 1f~~
ohn H ilton Mayor
ATTEST:
Thomas P. Ferber City Cler