1976-5601r45
RESOLUTION N0. 560I
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 1976 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
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 197, collectible in 1977
on Resolution No. 4990, in the amount of $90,894, 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 8th day of October, 1976.
ATTEST:
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Thomas J. Moran City Clerk