1969-4270r~:..
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RESOLUTION N0. 4270
RESOLUTION AUTHORIZING TRANSFERS FROM IMPItpVEMENT BONDS OF 1954,
SERIES B AND WATER UTILITY FUNDS TO IMPROVEMENT BONDS OF 1962
FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2726 provided for the sale of $2,500,000 Improvement Bonds
of 1962 and provided for taxes to be levied for the repayment of princi-
pal and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem tax levies to
be levied in 1969 to the extent that such reduction is possible by reason
of transfers from the Improvement Bonds of 1954, Series B Fund and the
Water Utility Fund, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds
of 1954, Series B Fund to pay all remaining principal and ~.xiterest on
such. bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1954, Series B Fund shall be
surplus monies not needed for the repayment of principal and interest on
such bonds, and
_ ___WHE_REAS,_Such transfer from~the Improvement_Bonds of 1954, Series B Fund sha11 be
surplus monies not needed for the rep~~ment of principal and interest in
that fund, and
WHEREAS, Such transfers sha11 be charged to the Water Utility Fund.
NOW THEREFORE, BE IT RESOLVED by the city council of the City of Richfield, Minne-
sota, as follows:
1. That the transfer and appropriation of $31,220 from the Improvement
Bonds of 1954, Series B Fund to the Improvement Bonds of 1962 Fund is
hereby authorized and directed.
2. That the transfer and appropriation of $16,980 from the Water Utility
Fund to the Improvement Bonds of 1962 Fund is hereby authorized and directed.
3. That the amount to be levied in 1969 collectible in 1970 on Resolution
No. 2726 in the amount of $48,200 is hereby cancelled.
4. `1`tr.at a copy of this resolution sha11 be sent to the Hennepin County
Auditor.
Passed by the council of the City of Richfield this 30~h. day of September, 1969.
W ~~"~-~
~' Stanley W. 01son, Mayor
Attest: c~~~~
Thomas J. ~ ran, City Cleric