77-5775RRESOLUTION N0. 5775
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEMENT BONDS OF 1959,
IMPROVEMENT BONDS OF 1960 AND WATER UTILITY FUNDS TO IMPROVEMENT
BONDS OF 1962 FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2726 provided for the sale of $2,500,000 Improvement
Bonds of 1962 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, the
Improvement Bonds of 1960 Fund and the Water Utility Fund, and
WHEREAS, There is presently sufficient funds available in the Improvement
Bonds of 1959 Fund and the Improvement Bonds of 1960 Fund to pay
all remaining principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1959 Fund and from the
Improvement Bonds of 1960 Fund shall be surplus monies not needed
for the payment of principal and interest on such bonds, and
WHEREAS, Such transfers 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 $18,763 from the
Improvement Bonds of 1959 Fund to the Improvement Bonds
of 1962 Fund is hereby authorized and directed.
2. That the transfer and appropriation of $5,711 from the
Improvement Bonds of 1960 Fund to the Improvement Bonds
of 1962 Fund is hereby authorized and directed.
3. That the transfer and appropriation of $13,312 from the
Water Utility Fund to the Improvement Bonds of 1962 Fund
is hereby authorized and directed.
4. That the amount to be levied in 1977, collectible in 1978
on Resolution No. 2726, in the amount of $39,775 is hereby
cancelled.
5. 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.
C ~~--
`- ~ " oren L. La ayor
ATTEST:
-_~¢~--1 ` ~ ~-
Thomas J. ran City Clerk