79-6138RH
RESOLUTION N0. 6138
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND
TO IMPROVEMENT BONDS OF 1965 FUND AND REDUCING CERTAIN
AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 3442 provided for the sale of $2,000,000
Improvement Bonds of 1965 and provided for taxes to be
levied for the payment of principal and interest thereon,
and
WHEREAS, It appears desirable to cancel or reduce such ad valorem
tax levy to the extent that such reduction is possible
by reason of transfer 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 1979 by reason that
there are currently sufficient funds available in the
debt redemption fund to pay in 1980 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 follows:
1. That the transfer and appropriation of $20,000 from
the Water Utility Fund to the Improvement Bonds of
1965 Fund is hereby authorized and directed.
2. That the amount to be levied in 1979, collectible. in
1980 on Resolution No. 3442 in the amount of $110,700
is hereby cancelled.
3. That a copy of this resolution 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:
Sy is K. Bergh Acting C' Clerk