84-6949RRESOLUTION N0. 6949
RESOLUTION AUTHORIZING CANCELLATION
OF CERTAIN AD VALOREM TAX LEVIES
OF THE IMPROVEMENT BONDS OF 1880
WHEREAS, Resolution No. 6310 provided for the sale of $6,100,000 Improvement
Bonds of 1880 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 1984 of
$48b,500 for payment of principal and interest on the Improvement
Bonds of 1880, and
WHEREAS, It appears desirable to cancel certain ad valorem tax levies to be
levied in 1884 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 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, THEREFORE, 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 $486,500 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:
day of September, 1984•
ATTEST:
ylv' ergh City Cl
CITY OF RICHFIELD,
ANNUAL BUDGET