78-5969Rau
RESOLUTION NO. 5969
RESOLUTION AUTHORIZING TRANSFERS FROM IT~IPROVEMENT 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 there-
on, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem
tax levies to be levied in 1978 to the extend 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
t-~dHEREAS, 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 $14,022
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 $14,478
from the Water Utility Fund to the Improvement
Bonds of 1961 Fund is hereby authorized and
directed.-
3. That the amount to be levied in 1978, collectible
in 1979, on Resolution No. 2624 in the amount of
$30,000 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 C'ty of 'c field, binnesota this
5th day of October, 1978. ~ /, ~
n L. Law / NI
ATTEST:
Thomas J.~oran City C er