1970-4459r~_'
RESOLUTION N0. 4459
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEMENT BONDS OF 1953
AND SERIES B, AND WATER UTILITY FUNDS TO IMPROVEMENT BONDS OF 1960
FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolutions No. 2321, 2609 and 2862 provided for the sale of $620,000 Im-
provement Bonds of 1960 and provided fqr taxes to be levied for the re-
payment of principal and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem tax 1e~.es to
be levied in 1970 to the extent that such reduction is possible by
reason of transfers from the Improvement Bonds of 1949 Fund and the Water
Utility Fund, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds of
1953 and Series B Fund to pay all remaining principal and interest on
such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1953 and Series B Fund shall
be from surplus monies not needed for the repayment of principal and interest
in that fund, and
WHEREAS, Such transfers shall be charged to the Water Utility 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, Minne-
sota, as follows:
1. That the transfer and appropriation of $11,43.4 from the Improvement
Bonds of 1953 and Series B Fund to the Improvement Bonds of 1960 Fund. is
hereby authorized and directed.
2. That the transfer and appropriation.of $678 from the Water Utility
Fund to the Improvement Bonds. of 1960 Fund is hereby authorized and
directed,
3. That the amount to be levied in 1970 collectible in 1971 on Resolution
No,-2609 in the amount of $10,000~is~hereby~.cancelled.
4. That the amount to be levied in 1970 collectible in 1971 on Resolution
No. 2862 in the amount of $2,750 is hereby cancelled,
5. 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 Wo Olson Mayor
Attest:
Thomas J. MAxan City Cleric