1970-4462r:.~ '`9
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RESOLUTION No. 4462
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEN]EN'I:BONDS OF 1954
AND WATER UTTLITY FUNDS TO IMPROVEMENT BONDS OF 1962 FUND AND
REDUCING CERTAIN AU VALOREM TAX LEVIES
WHEREAS, Resolution No. 2726 provided for the sal~~of $2,500,000 Improvement Bonds
of 1962 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 1970 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 surplus
monies not needed for the repayment of principal and interest on such
bonds, and
WHEREAS, Such transfers shall be charged to the Water Utility Fund, and
WHEREAS, the ad valorem tax levy requirement includes a S% 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 $29.,027 from the Improvement
Bonds. of 1954 Fund to the Improvment Bonds. of 1962 Fund is hereby
authorized and directed.
2. That the transfer and appropriation of $15,789 from the Water Utility
Fund to the Impr_wement Bonds of 1962 Fund is hereby authorized acid directed,
3. That the amount to be levied in 1970 collectible in 1971 on Resolution
No, 2726. in the amount of $47,175 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.
Stanley W. Olson Mayor
Attest:
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Thomas J. Mor City Cleric