1975-5432r468
RESOLUTION N0. 5432
RESOLUTION AUTHORIZING REDUCTION OF CERTAIN AD VALOREM TAX LEVIES
OF THE IMPROVEMENT BONDS OF 1973
WHEREAS, Resolution No. 4990 provided for the sale of $6,300,000 Improvement
Bonds of 1973 and provided for taxes to be levied from 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 1975 due to the extent that such reduction
is possible by reason of substantial pre-payment of special assess-
ments 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
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 1975, collectible in 1976, on
Resolution No. 4990, in the amount of $88,534, 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 this 6th day of October, 1975.
ATTEST:
~ ~~
Thomas J. N~. e~ an City Clerk
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