82-6669Rlol
RESOLUTION N0, 6669
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 1982 of
$233,400 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 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
WHEREAS, There is presently funds available in the Refunding Bonds of 1978
Fund to pay current principal and interest on such bonds, and
WHEREAS, The ad valorem tax levy ~'equirement includes a 5% 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. 5852 in the amount of $233,400 is hereby.
canceled.
2. That a copy of this resolution shall be sent to the Hennepin
County Auditor.
R 14
Passed by the City Council of the City of Richfield, Minnesota,