1970-4465r~.
RESOLUTION No. 4465
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND TO
IMPROVEMENT BONDS OF 1965 FUND AND REDUCING CERTAIN AD VALOREM
TAX LEVIES
WHEREAS, Resolution No. 3442 provided for the sale of $2,000,000 Improvement
Bonds. of 1965 and prov~.ded 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 levy
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, It appears desirable to cancel or reduce such remaining ad valorem
tax levy to be levied in 1970 by reason that there are currently
sufficient funds available in the debt redemption fund to pay in
1971 the principal and interest on the above bonds, and
WHEREAS, 1'he 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 $22,087 from the Water
Utility Fund to the Improvement Bonds. of 1965 Fund is hereby suthor-
~ized and directed,
2. That the amount to be levied in 1970 collectible in 1971 on
Resolution No. 3442 in the amount of $133,600 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.
tanley W. Olson Fiayor
Attest;
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/1~~ .
Thomas J. Mo~ City Clerk
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