Yes there should be a bolt through the starter gen ear that you can loosen and at the bottom which should allow you to take the slack out of the belt. If it won't remove the slack you'll need a new belt.
One other question: Are you sure the motor isn't stuck?
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782D, 1450, 100, SO 76, 60, 102 puller, 3314 self propelled and 3323 push w electric start 
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