86-7232R6
RESOLUTION N0. 7232
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 1986,. 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 1986, collectible. in
1987 on Resolution No. 3442 in the amount of $76,600 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 1st day of October, 1986.
ATTEST:
Thomas P. Ferber- City Clerk