79-6135R6
RESOLUTION N0. 6135
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEMENT BONDS OF 1959,
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 1979 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
Improvment 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 $9,500 from the
Improvement Bonds of 1959 Fund to the Improvement Bonds
of 1962 Fund is hereby authorized and directed,
2. That the transfer and appropriation of $13,559 from the
Improvement Bonds of 1960 Fund to the Improvement Bonds
of 1962 Fund is hereby authorized and directed.
3. That the transfer and appropriation of $12,542 from the
Water Utility Fund to the Improvement Bonds of 1962 Fund
is hereby authorized and directed.
4. That the amount to be levied in 1979, collectible in
1980 on Resolution No. 27?_6, in the amount of $37,475
is hereby cancelled.
5. That a copy of this resolution shall be sent to the Hennepin
County Auditor.
i\C.7V ltl l.1V11 LVV . V 1JJ
Passed by the City Council of the City of Richfield, Minnesota,
this 24th day of September, ~'I1979.
~+°
or n L. Law M or
ATTEST:
S~ is K. Bergh Acting C' y C erk