78-5977R89
RESOLUTION NO. 5977
RESOLUTION AUTHORIZING. REDUCTION OF CERTAIN AD VALOREM
TAX LEVIES OF THE IMPROVEMENT BONDS OF 1977
WHEREAS, Resolution No. 5'753_ 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 there-
on, and
j•~HEREAS, 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 the return of unused bond
proceeds, and
TaHEREAS, 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 5o 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 19.79 on Resolution No. 5753 in the amount of
.$47,000 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
5th day of October, 19 78 .
Oren L. Law Mayor
ATTEST:
~~'~~~-
Thomas J. ~ ran City Clerk