78-5972RRESOLUTION N0. 5972
RESOLUTION AUTHORIZING TRANSFER FROI~4GVATER UTILITY FUND TO WATER
BONDS OF 1962 FUND AND REDUCING CERTAIN AD VALOREM TAX .LEVIES.
6~'HEREAS, Resolution No. 2877 provided for the sale of $1,500,000
6Vater Bonds-of 1962 and provided for taxes to be .levied
for the repayment of principal and interest thereof, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem
tax levy to be levied in 1978 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
tiVHEREAS, The ad valorem tax. levy requirements includes a 5% excess
provision.
PdOGV, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota, as follows:.
1. That the transfer and appropriation of $101,745
from the Water Utility Fund to the Mater Bonds
of 1962 Fund is hereby authorized and directed.
2. That the amount to be levied in 1978, collectible
in 1979 on Resolution No. 2877, in the amount of
$107,100 is hereby cancelled..
3. That a copy of this resolution shall be sent to
the Hennepin County Auditor.
Passed by the City Council of the City/~ichfield, I~iinnesota this
5th day of October, 1978. ~ /~
en L.- L7w l Mayor
ATTEST:
Thomas J. Moran City-clerk