1962-2865r1~8
RESOLUTION NO. 2865
R890WTION AUTHORIZING TBMFORt~RY TR~FER FROM SEWER OPERATING
FUNA TO 1~1TBR OFERt~TING- FUND, ANA FROM WATER OPERATING FUND'TO
INII'ROVEMBNT BONDS OF 1961 FUND AND WATER BONDS OP 1961 FUND,
REDUCING CERTAIN Ali VALOREM TAX LBVIBS
TNHBRE,~S, Resolution No. 2624 provided for the sale of $1,153,000.00 Improve
went Bonds of 1961-and levied taxes for the repayment thereof.
lNHERB~Si, Said resolution also provided for_ the sale of $120,000.00 Water
Bonds of 1961 and levied taxes for the payment thereof.
WHERE, Tt appears desirable to cance~i or reduce such ad valorem tax
levies to the extent that such reduction is possible by reason
of transfers from the water operating fund, _~and
i91HSR~S, It appears. to be desirabie_to transfer funds from Sewer Operating
Fund to the iltater Operating Pur-d i.n csrder to make monies: avail-
able for the payment of principal and interest on such bond issues,
NOW THEREFORE, BE IT RBSOLVBD'by the Village Council of the Village of
Richfield, Minnesota, as follows:
,, ..
1. The temporary transfer of $80,284.00 from the Sewer Operating
Fund to the Water Operating Fund is hereby authorized and
directed. ~ '
2. The transfer and appropriation of $63,284.00 from the Water
Operating Pund to the Improvement Bonds of 1961 Fund is here-
by authorized and directed.
3.. The transfer s,nd appropriation of $17,.000.00 from the Water
Operating Fund to the Water Bonds of 19611 Fund is hereby author-
ized and directed.
4. The 1962 ad valorem tax levy in said Resolution No. 2624 in
the amount of $17,000.00, collectible in 1963, levied to paq
principal and interest obligations of the'V9ater Bonds of 196x.
Fund is hereby cancelled.
5. The 1962 tax levy in said Resolution No. 2624 iri the. amount of
$77,000.00, collectible in 1963, levied to pay principal and
interest obligations of ttie Water Bonds of 1961 Fund is hereby
reduced to the sum of $13,716.00.
6, A copy of this resolution sha11 be sent to the County Audit®r.
Fasted by the Council of the Village of Richfield this 8th day of October, 1962. ~-
Q~J ~ c~~Q•~.r~May-or_
ATTEST>
_
~~ C rlcmTreas.
Manager