90-7685RRESOLUTION N0. 7685
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND
TO IMPROVEMENT BONDS OF 1965 AND REDUCING CERTAIN
AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 3442 provided for the sale of $2,000,000
Improvement Bonds of 1965 and provided for taxes to be levied for the
payment of the principal and interest thereon, and
WHEREAS, It appears desirable to reduce such ad valorem tax levy
to the extent that such reduction is possible by reason of transfer
from the Water Utility Fund, and
WHEREAS, Such transfer shall be charged to the Water Utility
Fund, and
WHEREAS, It appears desirable to reduce such remaining ad valorem
tax levy for 1991, and
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. That .the transfer and appropriation of $20,000 from the
Water Utility Fund to the Improvement Bonds of 1965 Fund is
hereby authorized and directed.
2. That the amount to be levied in 1990, collectible in 1991 on
Resolution No. 3442 in the amount of $67,500 is hereby
canceled.
3. That a copy of this resolution be sent to the Hennepin
County Auditor.
Passed by the City Council of the City of Richfield, Minnesota, this
28th day of November, 1990.
ATTEST:
Thomas P. Ferber City Clerk