77-5774R,d
RESOLUTION N0, 5774
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEMENT BONDS
OF 1959 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 thereon, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem tax levies to
be levied in 1977 to the extent that such reduction is possible by
reason of transfers from the Improvement Bonds of 1959 Fund, and the
Water Utility Fund, and
WHEREAS, Such transfer from the Improvement Bonds of 1959 shall be from surplus
monies not needed for the payment of principal and interest in that
fund, and
WHEREAS, Such transfers shall be charged to the Water Utility Fund, and
WHEREAS, The ad valorem tax levy requirements 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 $15,237 from the
Improvement Bonds of 1959 Fund, to the Improvement Bonds
of 1961 Fund is hereby authorized and directed.
2. That the transfer and appropriation of $14,213 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 1977, collectible in 1978,
on Resolution No. 2624 in the amount of $31,000, 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 City of Richfield this 3rd day of
October, 1977.
Loren L. Law ~ ayor
ATTEST:
Thomas J. Mgran City Clerk