83-6816R42
RESOLUTION N0. 6816
RESOLUTION AUTHORIZING CANCELLATION
OF CERTAIN AD VALOREM TAX LEVIES
OF THE REFUNDING BONDS OF 1978
WHEREAS, Resolution No. 583b 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
WI-~REAS, Resolution No. 5852 certified an ad valorem tax levy in 1983 of
$232,700 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 1983 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 1978
Fund to pay current principal and interest on such bonds, and
W~IEREAS, The ad valorem tax levy requirement includes a 5 percent excess
provision.
NOW, THEREFI~RE, BE IT RESOLVID by the City Council of the City of Richfield,
Minnesota, as follows:
1. That the amount to be levied in 1983, collectible in 1984,
on Resolution No. 5852 in the amount of $232,700 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 28th day of September, 1983.
ATTEST:
Sy K. Bergh City C