1975-5434r470
RESOLUTION N0. 5434
RESOLUTION AUTHORIZING A PARTIAL REDUCTION OF
CERTAIN AD VALOREM TAX LEVIES OF THE IMPROVEMENT BONDS OF 1975
WHEREAS, Resolution No. 5365 provided for the sale of $4,600,000 Improvement
Bonds of 1975 and provided for taxes to be levied for the repayment
of principal and interest thereon, and
WHEREAS, Resolution No. 5420 certified an ad valorem tax levy in 1975 of
$266,000 for payment of principal and interest on the Improvement
Bonds of 1975, and
WHEREAS, There was the receipt of unanticipated funds totaling $62,500 from
accrued interest on the sale of bonds and unused discount on bonds,
and
WHEREAS, It appears desirable to reduce such ad valorem tax levies to be
levied in 1975 to the extent that such reduction is possible by
the above available funds, 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. 5365, in the amount of $62,500,, is hereby
cancelled.
2. That the amount of $266,000 be levied in 1975 for collection
- in 1976.
3. 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.
en L. Law Ma or
ATTEST:
~°~ .- l~ a .~f/
Thomas J. Mo n City Clerk