92-7942Ry4
RESOLUTION N0.7942
RESOLUTION RELATING TO THE DISCONTINUATION OF
THE IMPROVEMENT BONDS OF 1967 DEBT SERVICE FUND
AND TRANSFER OF SURPLUS
WHEREAS, On November 1, 1967, the city issued Special Assessment
Improvement Bonds in the amount of $375,000, and
WHEREAS, Final payment for principal and interest maturities was
made on February. 1, 1988, and
and
WHEREAS, All delinquent special assessments have been collected,
WHEREAS, It appears desirable to discontinue this fund.
WHEREAS, The ad valorem tax levy requirement includes a 5 percent
excess provision.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota as follows:
1. The approximate cash surplus of $335,000 in the Improvement
Bonds of 1967 be transferred; $150,000 to the General Fund
to reimburse the HRA for airport expenditures and $185,000
to the Improvement Bonds of 1965 Debt Service Fund to
provide for future debt service.
2. The improvement Bonds of 1967 Fund be discontinued as of
December 31, 1992.
Passed by the City Council of the City of Richfield, Minnesota, this
9th day of December, 1992.
~_
Martin J. K r h Mayor
ATTEST:
~~ II,
Thomas P. Ferber City Clerk