1957-1350r~~
RESOLUTION N0. 135Q
j RESOLUfiION AUTHORIZING FINANCING OF VILLAGE PROJECT
N0, 329 FROM UNOBLIGATED ASSETS IN fiHE 1954 SZ'R'' T
CONSTRUCTION FUND, AND TRANSFERRING ASSETS OF VILLAGE
PROJECT N0. 329 FUND TO THE DEBT REDEMPTION FUND
Il~'ROVEMENT BONDS OF 1954 SERIES B
WHEREAS, all improvements on vi]lage projects financed under the
1954 Street Construction Fund have been completed with all commitments
satisfied and
WHEREAS, funds were provided by proceeds from the sale of the
Improvement Bonds of 1954 Series B, payment by developers, and interest
earnings, and '
WHEREAS, there are unobligated assets, consisting of cash in the
amount of X14,971.48 3.n said 1954 Street Construction Fund, and
WHEREAS, the improvement costs on Village Project No. 329 in the
amount of ~].~, 886.95 have not been financed heretofore, and
WI~EREAS, the assessments against benefited property owners of
project No. 329 in the amount of $13,545.68 adopted by Resolution 1195
have been recorded as assets in the Village Project No. 329 Fund.
NOW THEREFORE, BE IT RESOLVED By the Village Council of the
Village of Richfield as follows:
1. That, pursuant to authority contained in the Laws of 1955,
Chapter 811, Section 5, Subdivision ~., the unobligated cash in the 1951x.
Street Construction Fund be transferred to Village Project No. 329 Fund.
2. That the residual assets in the Village Project No. 329 Fund
consisting of cash X84.53, Deferred Special Assessments-Principal
$12,775.60 with deferred interest thereon and Current Special Assessments
$1,683.00. be transferred to the Improvement Bonds of 1954 Series B Debt
Redemption Fund.
3. That Special Assessment Funds, Village Project No. 329 and
1954 Street Construction Fund shall no longer exist as accounting entities.
4. That the Director of Finance be, and he hereby is, authorized
and directed to do all things necessary to bring into effect the pro-
visions of this resolution.
Passed by the Village Council of the Village of Richfield t '
10th day of June, 1957.
e
re 0. Kittell, Mayor
7
ATTEST:
0. Krev en, Manager
.~ t
aul .• aug ~ Village Clerk