1970-4457r`~
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RESOLUTION No. 4457
RESOLUTION AUTHORIZING TRANSFER FROM IMPROVEMENT BONDS
OF 1950 TO IMPROVEMENT BONDS OF 1953, SERIES C, AND
REDUCING CERTAIN AD VALOREM TAR LEVIES
WHEREAS, Resolution No. 236 provided for taxes to be levied for the repayment
of principal and. interest on the Improvement Bonds of 1953, Series C,
and
WHEREAS, It appears desirable to cancel or reduce such ad valorem tax levy to
be levied in 1970 by reason that such reduction is possible by reason
of transfers from the Improvement Bonds of 1950 Fund,
and
W~IEREAS, There is presently sufficient funds available in the Improvements Bonds
of 1950 Fund to pay all remaining principal and interest on such bonds,
and
WHEREAS, Such transfer from the Improvement Bonds of 1950 Fund shall be from
surplus monied not needed for the repayment of principal and interest
in that fund,
and
WHEREAS, The ad valorem tax levy requirement includes a 5% excess provision.
NOW THEREFORE, BE IT RESOLVED by the city council of the City of Richfield,
Minnesota, as follows:
1. That the transfer and appropriation of $1,900 from the Improvement
Bonds of 1950 Fund is hereby authorized and directed.
2. That the amount to be levied in 1970 collectible in 1971 on
Resolution No. 236 in the amount of $2,000 is hereby cancelled.
3, That a copy of this resolution shall be sent to the Hennepin
County Auditor,
Passed by the council of the City of Richfield this 9th day of October, 1970.
Stanley W. Olson Mayor
Attest:
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Thomas J. Molra~n, -City Clerlt