88-7459R20
RESOLUTION N0. 7459
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 in 1987, 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 1988, collectible in 1989 on
Resolution No. 3442 in the amount of $72,100 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 September, 1988.
StevLn J. Qu~i' // Mayor
ATTEST:
,~
Thomas P. Ferber City Clerk