77-5779R25
RESOLUTION N0. 5779
RESOLUTION AUTHORIZING TRANSFER FROM IMPROVEMENT BONDS OF 1956
FUND TO IMPROVEMENT BONDS OF 1967 FUND AND REDUCING
CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 3901 provided for the sale of $275,000 Improvement
Bonds of 1967 and provided for taxes to be levied for the payment
of principal and interest thereon, and
WHEREAS, It 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 Improvement Bonds of 1956 Fund, and
WHEREAS, Such transfer from the Improvement Bonds of 1956 Fund shall be
surplus monies not needed for the payment of principal and
interest on such bonds, 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 $3,325 from the
Improvement Bonds of 1956 Fund, to the Improvement Bonds
of 1967 Fund is hereby authorized and directed.
2. That the amount levied in 1977, collectible in 1978, on
Resolution No. 3901 in the amount of $3,500, 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.
L
oren L. Law Mayor
ATTEST:
Thomas J. oran City Clerk