77-5773R19
RESOLUTION N0. 5773
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND TO
WATER BONDS OF 1961 FUND AND REDUCING CERTAIN AD VALOREM
TAX LEVIES
WHEREAS, Resolution No. 2624 provided for the sale of $120,000 Water Bonds
of 1961 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 levy
to be levied in 1977 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, 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 $7,600 from the
Water Utility Fund to the Water Bonds of 1961 Fund is
hereby authorized and directed.
2. That the amount to be levied in 1977, collectible in 1978
on Resolution No. 2624, in the amount of $8,000 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 of Richfield, Minnesota,
this 3rd day of October, 1977.
.-~'"y Loren L. Law ayor
ATTEST:
Thomas J. M an City Clerk