1970-4466rm
RESOLUTION N0. 4466
RESOLUTION AUTHORIZING TRANSFER FROM IMPROVEMENT BONDS OF 1949
FUND TO IMPROVEMENT BONDS OF 1967 FUND AND REDUCING CERTAIN AD
VALOREM TAX LEVIES
WHEREAS, Resolution No. 3901 provided for the sale of $375,000 Improvement
Bonds of 1967 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 levy
to be levied in 1970 to the extent that such reduction is possible by
reason of transfer from the Improvement Bonds of 1949 Fund, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds
of 1949 Fund to pay all remaining principal and interest on such bonds,
and
TREAS, Such transfer from the Improvement Bonds of 1949 Fund shall be from
surplus monies not needed for the repayment of principal and interest in
that fund, and
WHEREAS, The ad valorem tax levy requirement includes a 5% excess provision.
NOW, THEREFORE, BE IT RESQLVED by the city council of the City of Richfield,
Minnesota, as follows:
1. That the transfer and appropriation of $3,325 from the Improvement
Bonds. of 1949 Fund to the Improvement Bonds of 1967 Fund is hereby
authorized and directed,
2. That the amount levied in 1970 collectible in 1971 on Resolution
No. 3901 in the amount of $3,500 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.
e~ • ~~~
tanley W. Olson Mayor
Attest:
Thomas J, Mo~~t~ City Cleric