78-5976R~~
RESOLUTION NO. 5976
RESOLUTION AUTHORIZING:REDUCTION OF .CERTAIN AD VALOREM-
TAX LEVIES OF THE IMPkOVEMENT 30NDS'OF 1973
6~~HEREAS, Resolution No. 499.0 provided-for the sale of $6,300,000.
Improvement Bonds of 1973, and provided for taxes to be
levied for the payment of principal and interest thereon,
and
t4HEREAS, It appears desirable to cancel or reduce-certain ad
valorem tax levies to be levied: in 1978 due to the extent
that such reduction. is possible by. reason of substantial
pre-payment of special assessments and the investment
return on .these funds, and
WHEREAS, There is presently sufficient funds available in the
Improvement Bonds of 1973 Fund to-.pay current principal
and. interest on such bonds, and
taHEREAS, 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 1978, collectible
in 19.7.9, on Resolution No. 499.0 in the amount of
$95,611 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 field, Minn sota this
5th day of October, 1978.
L ren L. Law Mayor
ATTESTc
~,
T omas J. M an City Clerk