85-7078R22
RESOLUTION N0. 7078
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND
TO INlPROVII'~NT BONDS OF 1965 FUND AND RIDUCING 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 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
WI-IEREAS, Such transfer shall be charged to the Water Utility Fund,.
and
WHEREAS, It appears desirable to reduce such remaining ad valorem
tax levy to be levied in 1985, and
WHEREAS, The ad valorem tax levy requirement includes a 5 percent
excess provision.
NOW, THEREIDRE, BE IT RESOLVID by the City Council of the City
of Richfield, Minesota, 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 '1985, collectible in 1986 on
Resolution No. 3442 in the amount of $78,900 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
8th day of October, 1985.
ATTEST:
Thomas P. Ferber City Clerk