79-6140R11
RESOLUTION N0. 6140
RESOLUTION AUTHORIZING REDUCTION OF CERTAIN AD VALOREM TAX LEVIES
OF THE REDEVELOPMENT BONDS OF 1977
WHEREAS, Resolution No. 5752 provided for the sale of $4,700,000
Redevelopment 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 1979 due to the funds on hand
from tax increments from the Project Area exceed the amount
necessary to pay principal and interest on such bonds, and
WHEREAS, The ad valorem tax levy requirement 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 1979, collectible in
1980 on Resolution No. 5752 in the amount of $139,400
is hereby cancelled.
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 24th day of September, 1979.
L. Law `~ `Mayor
ATTEST:
S via K. Bergh Actin ity Clerk