78-5974R~6
RESOLUTION NO. 5974 ,
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND
TO IMPROVEMENT. BONDS OF 1965. FUND. AND REDUCING CERTAIN
AD .VALOREM TAX LEVIES
LVHEREAS, Resolution No. 3442 provided far 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, Lt 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
T^7HEREAS, Such transfer shall be charged to the Water Utility
Fund, and
[VHEREAS, Lt appears desirable to cancel or reduce such remaining
ad valorem tax levy to be levied in 1978 by reason that
there are. currently sufficient funds available in the debt
redemption fund to pay in 1979 the principal and interest
on the above bonds, .and
t~dHEREAS, The ad valorem tax levy .requirement includes a 5°s excess
provision..
NOW, THEREFORE,. BE IT RESOLVED BY the C1ty 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 ishereby authorized and
directed.
2. That the amount to be levied in 1978, collectible
in 1979, on Resolution No. 3442 in the amount of
$113,500 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 Richf' d, Minnesota this
5th day of October, 1978..
ATTEST:
F/
.Thomas J. P~` ran City Clerk
f