82-6668R100
RESOOUTION N0. 66b8
RESOLUTION AUTHORIZING REDUCTION OF CERTAIN AD VALOREM
TAX LEVIES OF THE IMPROVEMENT BONDS OF 1977
WHEREAS, Resolution No. 5753 provided for the sale of $4,500,000 Improvement
Bonds of 1977 and provided for taxes to be levied for the payment
of principal and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce certain ad valorem tax
levies to be levied in 1982 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 the
return of unused bond proceeds, and
WHEREAS, There is presently funds available in the Improvement Bonds of
1977 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 RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows:
1. That the amount to be levied in 1982, collectible in 1983
on Resolution No. 5753 in the amount of $92,500 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 of Richfield, Minnesota, this 4th day
of October, 1982. _ ~,.~~
ATTEST:
Syv Bergh City k
R 13