80-6296R52
RESOLUTION N0. 6296
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEMENT BONDS OF 1960,
AND WATER UTILITY FUNDS 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 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 1980 to the extent that such reduction is possible
by reason of transfers from the Improvement Bonds of 1959 Fund, the
Improvement Bonds of 1960 Fund and the Water Utility Fund, and
WHEREAS, There is presently sufficient funds available in`the Improvement
Bonds of 1959 Fund and the Improvement Bond of 1960 Fund to pay all
remaining principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1959 Fund and from the
Improvement Bonds of 1960 Fund shall be surplus monies not needed
for the payment of principal and interest on such bonds, and
WHEREAS, Such transfer shall be charged to the Water Utility Fund, 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 follows:
1. That the transfer and appropriation of $22,351.75 from
the Improvement Bonds of 1960 Fund to the Improvement
Bonds of 1962 Fund is hereby authorized and directed.
2. That the transfer and appropriation of $12,157 from the
Water Utility Fund to the Improvement Bonds of 1962
Fund is hereby authorized and directed.
3. That the amount to be levied in 1980, collectible in
1981 on Resolution No. 2726, in the amount of $36,325
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.
onald J. Prieb yor
ATTEST:
Sy a K. Bergh Acting City lerk