1970-4441r
RESOLUTION No. 4441
RESOLUTION RELATING TO THE REDEMPTION OF OUTSTANDING
BONDS; THE CANCELLING OF TAX LEVIES; THE TRANSFER OF
SURPLUSES; THE CREATION OF AN ICE ARENA CONSTRUCTION
FUND AND THE APPROPRIATION OF MONEY TO SUCH FUND.
BE IT RESOLVED by the City Council of the City of Richfield, Minnesota as follows:
1. The .City has certain outstanding bonds which are subject to redemption and
prepayment. Such bonds are Improvement Bonds of 1949, Improvement Bonds of
1951, Improvement Bonds of 1953, Series A and B and Improvement Bonds of 1954, Series
B. The City also has outstanding Improvement Bonds of 1955 which are subject to
redemption and prepayment on June 1, 1971.
Z. It is hereby determined that there are sufficient moneys in the sinking funds
for the aforementioned bond issues to pay the principal, interest and any re-
clemption premiums on all of the remaining bonds of all of such bond issues. It is
further determined that there are surpluses in such bond sinking funds in excess of
the amounts needed for such principal, interest and premiums, in the amount of at least
$421,000.
3. It is hereby determined to redeem all of the remaining outstanding bonds of
the aforementioned bond issues. The City Manager is hereby authorized and
directed to take such steps as may be necessary to redeem such bonds, with the timing
of such redemption in each case to be determined by him,
4. Ad valorem tax levies have been made to pay portions of the principal and
interest on the above mentioned issues by resolution dated August 1, 1951, and
by Resolution Nos. 110, 235, 446 and 705. All of the remaining installments of such
tax levies, collectible in the year 1971 and thereafter, are hereby cancelled,
5. The aforementioned bond sinking fund surpluses, over and above the sums neces-
sary to pay principal, interest and redemption premiums on such bonds, to the
extent of $421,000, are hereby transferred to the general fund.
6. The City has included in its capital improvement budget an appropriation for
the construction of an ice arena and has appropriated amounts totaling
$900,000 from the special revenue fund of the City to provide part of the financing for
the making of such improvement. There is hereby created a special account which shall be
known as City Project 623, the Ice Arena Construction Fund, The proceeds of such appro-
priations from the special revenue fund, as well as any other moneys appropriated from
other sources by the municipality, shall be paid into such Ice Arena Construction Fund
and it shall be used to defray the expenses of constructing the ice arena improvement,
A11 contracts let and all other expenses incurred in connection with the making of such
improvement shall be payable out of the Ice Arena Construction Fund,
7. By reason of the transfer of the aforementioned sinking fund surpluses, it is
hereby determined that the actual receipts of the City in the general fund ex-
ceed the budget estimates of receipts for such fund for the year 1970 by the amount of
at least $421,000. The sum of $421,000 is hereby appropriated and transferred from the
.
Reso. ~To. 4441 (continued) _ 2
general fund to the Ice Arena Construction Fund, The capital improvements budget and
the general fund budget of the City for the year 1970 are hereby amended to the extent
provided in this resolution,
1970.
Passed by the City Council of the City of Richfield this 14th day of September,
8JJ 4 t~~~ \
Stanley W. Olson Mayor
ATTEST o
~~
_~ ~~ f~~
Thomas J. Moranv City Clerk
ii
1