HomeMy WebLinkAboutCC RES 65-078 RESOLUTION REDUCING TAX LEVY FOR DEBT SERVICE Meeting Sheet
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BOX: 34
Folder: CC RES 1965
Document: CC RES 65-078 RESOLUTION REDUCING TAX LEVY FOR
DEBT SERVICE
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
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