77-5780RLb
RESOLUTION N0. 5780
RESOLUTION AUTHORIZING REDUCTION OF CERTAIN AD VALOREM TAX LEVIES
OF THE IMPROVEMENT BONDS OF 1972
WHEREAS, Resolution No. 4793 provided for the sale of $2,100,000 Improvement
Bonds of 1972 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 1977 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 funds available in the Improvement Bonds of 1972
Fund to pay current 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 1977, collectible in
1978 on Resolution No. 4793, in the amount of $120,000,
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 3rd day
of October, 1977.
~~'''~-~
oren L. Law ayor
ATTEST:
'1 '
Thomas J. M an City Clerk