84-6948R_ .._..~ ----_~~_ ..: - _ ..~.:..~____:___~~.~_ _ __.._.~_ __ ..~t____.. _ _.. . __. ._. ~_ . $2 s___.__~..
RESOLUTION N0. 6948
RESOLUTION AUTHORIZING CANCELLATION
OF CERTAIN AD VALOREM TAX LEVIES
OF THE REFUNDING BONDS OF 1978
WHEREAS, Resolution No. 5836 provided for the sale of $6,500,000 Refunding
Bonds of 1978 and provided for taxes to be levied for the payment
of principal and interest thereon, and
WHEREAS, Resolution No. 5852 certified an ad valorem tax levy in 1984 of
$231,900 for payment of principal and interest on the Refunding
Bonds of 1978, and
WHEREAS, It appears desirable to cancel certain ad valorem tax levies to
be levied in 1984 due to 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 Refunding Bonds of 1878
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, THEREFnRE, BE IT RESOLVID by the City Council of the City of Richfield,
Minnesota, as follows:
1. That the amount to be levied in 1984, collectible in 1985,
on Resolution No. 5852 in the amount of $231,800 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 Richfield, Minnesota, this 27th
day of September, 1984•
ATTEST:
,~
ylv' Bergh Ci
CITY OF RICHFIELD, MINNESOTA
BUDGET