1971-4661r~~ ~
RESOLUTION No. 4661
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEMENTS BONDS OF
1950, AND WATER UTILITY FUNDS TO IMPROVEMENT BONDS OF 1960
FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2862 provided for the sale of $620,000 Improvement Bonds
of 1960 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 1971 to the extent that such reduction is possible by
reason of transfers from the Improvement Bonds of 1950 Fund and the Water
Utility Fund, and
WHEREAS, There is presently surplus funds available in the Improvement Bonds-of 1950
Fund as all remaining principal and interest on such bonds have been paid,
and
WHEREAS, Such transfers sha11 be charged to the Water Utility Fund, and
WHEREAS, The ad valorem tax levy requirement includes a 5°l. 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 $2,466 from the Improvement
Bonds of 1950 Fund to the Improvement Bonds of 1960 Fund is hereby-
authorized and directed.
2. That the transfer and appropriation of $146 from the Water Utility
Fund to the Improvement Bonds of 1960 Fund is hereby authorized and
directed.
3. That the amount to be levied in 1971 collectible in 1972 on Resolution
No. 2862, in the amount of $2,750, is hereby cancelled.
4. That a copy of this resolution sha11 be sent to the Hennepin County
Auditor.
Passed by the council of the City of Richfield thisllth day of October, 1971.
W •'~~
Stanley W. Olson Mayor
Attest:
omas J. Moray4' City Clerk