1970-4460r~: ~ r~~~
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RESOLUTION No. 4460
RESOLUTION AUTHORI2TNG TRANSFERS FROM IMPROVEMENT BONDS OF 1954
AND WATER UTILITY FUNDS TO IMPROVEMENT BONDS OF 1961 FUND AND
REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2624 provided for the sale of $1,155,000 Improvement Bonds
of 1961 and provided for taxes to be levied for the repayment of principal
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 Fund and the Water Utility
Fund, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds of
1954 Fund to pay all remaining principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1954 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% excsss provision,
NOW; THEREFORE, BE IT RESOLVED by the city council of the City pf.Richfield,
Minnesota, as follows:
1, That the transfer and appropriation of $18,187 from the Improvement
Bonds of 1954 Fund to the Improvement Bonds of 1961 Fund is hereby
authorized and directed.
2. That the transfer and appropriation of $16,963 from the Water Utility
Fund to the Improvement Bonds. of 1961 Fund is hereby authorized and
directed.
3. That the amount to be levied in 1970 collectible in 1971 on Resolution
No. 2624 in the amount of $37,000 is hereby cancelled.
4. 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.
vaJ
tanley W. Olson Mayor
Attest:
Thomas J. Mouan City Cleric
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