79-6133R4
RESOLUTION N0. 6133
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 to cancel or reduce such ad valorem tax levies
to be levied in 1979 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 $14,255 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 $13,295 from the
Water Utility Fund to the Improvement Bonds of 1961 is
hereby authorized and directed.
3. That the amount to be levied in 1979, collectible in
1980, on Resolution No. 2624 in the amount of $29,000
is hereby cancelled.
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 24th day of September, 1979.
ATTEST: