CC RES 65-078 RESOLUTION REDUCING TAX LEVY FOR DEBT SERVICE

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RESOLUTION N0. 65-078 A RESOLUTION REDUCING TAX LEVY FOR DEBT SERVICE WHEREAS the Village Council of the Village of St. Anthony did by Resolution adopted June 11, 1963 approve a schedule of tax levy for debt service to reimburse a deficit in an $815,000.00 re-financing bond issue, and WHEREAS, said levy was not included in the tax rolls for 1963 and 1964, and WHEREAS, a deficit of $50,000.00 now exists in the approved deficit amortization schedule, and WHEREAS, the Village Council is of the opinion that to recover this deficit in addition to the $25,000.00 due for the current year would place an undue hardship on the taxpayers of the Village of St. Anthony. NOW THEREFORE BE IT RESOLVED that the County Auditors of Hennepin and Ramsey Counties be notified that there is irrevocably appropriated in Fund #75, which is the sinking fund for the aforementioned $815,000.00 re-financing bond issue, the sum of $25,000.00 for the current year • deficit payment, and the additional sum of 55,000.00, which sum will also be irrevocably placed in said sinking fund for each of the ensuing years until the.aforementioned prior years deficit of $50,000.00 is retired as per the following amortization schedule: $50,000.00 - total prior years deficit $45,000.00 after 1st year 420000.00 after 6th year $40,000.00 after 2nd year $15,000.00 after 7th year.— 7lv '' $35,000.00 after 3rd year 41 $10,000.00 after 8th year 'z ✓$30,000.00 after 4th year �i $ 5,000.00 after 9th year 73 �4$25,000.00 after 5th year (,5 $ - 0 - after 10th year and, BE IT FURTHER RESOLVED that the Village Clerk be directed to furnish a copy of the aforegoing Resolution to the County Auditors of Hennepin and Ramsey Counties. Adopted this 9th day of October, 1965. / r Mayor �'' ATTEST: • Clerk Manager l