77-5776RLL
RESOLUTION N0. 5776
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND TO WATER
BONDS OF 1962 FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2877 provided for the sale of $1,500,000 Water
Bonds of 1962 and provided for taxes to be levied for the re-
payment of principal and interest thereof, 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 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 $104,405 from the
Water Utility Fund to the Water Bonds of 1962 Fund is
hereby authorized and directed.
2. That the amount to be levied in 1977, collectible in 1978
on Resolution No. 2877, in the amount of $109,900 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.
~'i~- ~I/
Loren L. Law yor
ATTEST:
Ij
Thomas J. an City Clerk