81-6502RLy
RESOLUTION N0, 6502
,- RESOLUTION AUTHORIZING TRANSFERS FROM
WATER UTILITY FUND TO IMPROVEMENT BONDS.
OF 1961 FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No, 2624 provided for the sale of $1,155,000 Improvement
Bonds of 1961 and provided. for taxes to be levied for the repayment
of principal and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce such. ad valorem tax levies
to be levied in 1981 to the extent that such reduction is possible
by reason of transfers from the Water Utility Fund, and
WHEREAS, Such transfers shall be charged to the Water Utility Fund, and
WHEREAS, It appears desirable to cancel or reduce such remaining ad valorem
tax levy to be levied in 1981 by reason that there are currently
sufficient funds available in the debt redemption fund to pay the
remaining principal. and interest on the above bonds, and
WHEREAS, The ad valorem tax levy requirments include a 5°I 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 $11,920 from the
Water Utility Fund to the Improvement Bonds of 1961 is
hereby authorized and directed.
2. That the amount to be levied.in 1981, collectible in 1982,
on Resolution No. 2624 in the amount of $26,000 is hereby
canceled.
3, That a copy of this resolution shall be sent to the Hennepin
County Auditor.
Passed by the City Council of the City of Richfield, Minnesota
this 5th day of October, 1981.
ATTEST:
Syl a K. Bergh City Cleric