1970-4463rk ~~
RESOLUTION No. 4463
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND TO WATER
BONDS OF 1962-FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2877 provided for the sale of $1,500,000 Water Bonds of
1962 and provided for taxes to be levied for the repayment of principal
and interest thereof, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem tax levy
to be levied in 1970 to the extent that such reduction is possible by
reason of transfer from the Water Utility Fund, and
WHEREAS, Such transfer 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 RE30LVED by the city council of the City of Richfield,
Minnesota, as follows
1, That the transfer and appropriation of $112,480 from the Water
Utility Fund to the Water Bonds of 1962 Fund is hereby authorized and
directed.
2. That the amount to be levied in 1970 collectible in 1971 on
Resolution No. 2877 in the amount of $118,400 is hereby cancelled.
3. That a copy of this resolution shall be sent to the Hennepin
County Auriitor.
Passed by the council of the City of Richfield this 9th day of October, 1970.
Stanley W, Olson Mayor
Attest:
Thomas J, Mo~'an Gity Cleric