80-6294R5U
RESOLUTION N0. 6294
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEMENT BONDS
OF 1960 AND WATER UTILITY FUNDS 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 tb cancel or reduce such ad valorem tax levies
to be levied in 1980 to the extent that such reduction is possible
by reason of transfers from the Improvement Bonds of 1960. Fund, and
the Water Utility Fund, and
WHEREAS, Such transfer from the Improvement Bonds of 1960 shall be from surplus
monies not needed for the payment of principal and interest in that
fund, and
WHEREAS, Such transfers shall be charged to the Water Utility Fund, and
WHEREAS, The ad valorem tax levy requirements include a 5% 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 $13.,763 from the
Improvement Bonds of 1960 Fund to the Improvement Bonds
of 1961 Fund is hereby authorized and directed.
2. That the transfer and appropriation of $12,,837 from the
Water Utility Fund to the Improvement Bonds of 1961 is
hereby authorized and directed.
3. That the amount to be levied in 1980, collectible in
198]. on Resolution No. 2624 in the amount of $28,000
is hereby canceled.
4. 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 6th day of October, 1980.
d J. .Priebe Mayor
ATTEST:
Sylvi ..Bergh Acting City rk