91-7811R66
RESOLUTION NO. 7811
RESOLUTION RELATING TO THE DISCONTINUATION OF
THE IMPROVEMENT BONDS OF 1962 DEBT SERVICE FUND
AND TRANSFER OF SURPLUS
WHEREAS, On May 1, 1962 the city issued Special Assessment
Improvement Bonds in the amount of $2,500,000, and
WHEREAS, Final payment for principal and interest maturities was
made on February 1, 1984, and
WHEREAS, All delinquent special assessments have been collected,
and
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 $143,400 in the Improvement
Bonds of 1962 be transferred to the General Fund.
2. The improvement Bonds of 1962 Fund be discontinued as of
December 31, 1991.
Passed by the City Council of the City of Richfield, Minnesota, this
20th day of November, 1991.
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Martin J risch Mayor
ATTEST:
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Thomas P. Ferber City Clerk