81-6505RRESOLUTION N0. 6505
RESOLUTION AUTHORIZING TRANSFERS FROM WATER UTILITY FUND
- TO IMPROVEMENT BONDS OF 1962 FUND
AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2726 provided for the sale of $2,500,000 Improvement
Bonds of 1962. and provided for taxes t6 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 transfer 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 in
1982 the .principal and interest on the above bonds, and
WHEREAS, The ad valorem tax levy requirement includes a 5% excess provision.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follotas:
1. That the transfer and appropriation of $11,773 from the
Water Utility Fund to the Improvement Bonds of 1962
Fund is hereby authorized and directed.
2. That the amount to be levied in 1981, collectible in
1982, on Resolution No. 2726, in the amount of $35,175
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:
Sy a K. Bergh City Clerl
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