85-7121R66
RESOLUTION N0. 7121
RESOLUTION AMENDING RESOLUTION N0. 7072
ADOPTING ASSESSMENT ON CITY PROJECT N0. 813,
RICHFIELD STATE AGENCY STORM SEWER IMPROVEMENT,.
ESTABLISHING ANNUAL INTEREST RATE
WHEREAS, pursuant to all applicable law, the City Council
adopted. (September 23, 1885) Resolution No. 7072, "Resolution
Adopting Assessment on City Project No. 813, Richfield State
Agency Storm Sewer Improvements," and
WHEREAS, said Resolution No. 7072 provides that the
assessment shall bear a 9~ inte_rest rate, and
WHEREAS, the City subsequently sold General Obligation
Improvement Bonds of 1985 to finance the project at an interest
rate of 7.58% on November 6, 1885, and
WHEREAS, the petition agreement between the City and
Richfield State Agency for the storm sewer improvement project
provided that the City may not charge an interest rate for the
assessments which was greater than/more than the interest rate
the City pays for the improvement bonds to finance the project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of .Richfield, Minnesota, that Resolution No. 7072 be
amended to state that all assessments shall bear an annual
interest rate of 8.58%.
Passed by the City Council of the City of Richfield,
Minnesnta_ thi_S 9th day of nE?nPmhPr_ 1QR~_