1962-2864r1~~'
RESOLUTION N0. 286.
RE5OI.UTION PROVIDING FOR APPROPRIATION OF FUND6 FOR
PAYMENT QF INTEREST COSTS-AND REDUCING AD VALOREM TAX
LEVY FOR TH8 IMPROVEMENT BONDS C9F 1962
WHEREASy Resolution No. 2726 awarding the side of $2,500,000 Ymprovement Bonds
of 1962 also levied taxes for the payment of principal and interest
thereon, and
WHEREASf, Said resolution provides such levy in each year may be reduced by
any amount appropriated to the ?mprovement Bonds of 1962 Sinking
Fund to pay principal and interest during the ensuing year, and
W~REAS, The interest cost of financing Village Pro,~ect No. 441 water lateral
construction is cani.tal3ped as a part of construction costs, and
WHEREAS`., Construction and determination of costs. to be assessed will not be
completed until sometime in 1983,
NflW~THEREFORE, BE IT RESOLVED by the council of the Village of Richfield,
1. That the ad valorem tax levy of $43;600 levied in 1962 collect-
ible in 1983 for the payment of such interest is hereby declared
a construction cost and-funds are appropriated from the Village
Pro3ect No. 44l Construction Fund far such payment.
2. That the 1982 ad valorem tax levy of $43,600 for the Improvement
Bonds~of 1962 collectible in 1983 is hereby cancelled, and that
a copy of this resolution shall be sent to the Hennepin County
Auditor,
3. That the manager and director of finance shall.bring into effect
the provisions of this resolution.
Passed by the council of the Village of Richfield this 8th day of Cfctober, 1962.
t..9 ~ QQ..o.~~
5t W, Olson, Mayor
~ ~ ~ ® an R evelen, Manager
Edward J. M~~'ine, Clerk®Treas.
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