1971-4663r! ~'~'. ~~
RESOLUTION No. 4663
RESOLUTION AUTHORIZING fiRANSFERS FROM Il~Il'ROVEMENT BONDS OF 1950 and
1953 ANA WATER UTILITY FUNDS TO IMPROV.SMENT BONDS OF 1961 FUND AND
REDUCING CERTAIN AD VALOREM TAX LEVTES
WHEREAS, Resolution No. .2624 provided for the sale of $1,3.55,000 Tmprovement Bonds
of-1961 au~.d provided for taxes to be levied for the repayment of principal
and interest thereon, and
WHEREAS, Tt appears desirable to cancel or reduce such ad valorem tax 1e~ies to be
levied in 1971 to 'the extent that such reduction is possible by reason of
transfers.froin the Improvement Bonds of 1950 and 1953 Funds 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, There is presently sufficient funds available in the Improvement Bonds of
1953 Fund to pay all remaining principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1953 Fund shall be from
surplus monies not needed for the repay1nent of principal and interest in
that fund, and
WHEREAS, Such transfers 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 RESOLVED by the city council of the City of Richfield,
Minnesota,. as follows:
1. That the transfer and appropriation of $10,000 from the Improvement
Bonds of 1950 Fund to the Improvement Bonds of 1961 Fund is hereby
authorized and directed.
2. That the transfer and appropriation of $7,695 from the Tmprovement
Bonds. of 1953 Fund to the Improvement Bonds of 1961 Fuxid is hereby
authorized and directed,
3. That the transfer and appropriation of $16,505 from the Water Utility
Fund to the Improvement Bonds of 1961 Fund is hereby authorized and
directed.
4. That the amount to be levied ice. 1971, collectible in 1972 on Reso-
lution No. 2624, in the amount of $36,000, is hereby cancelled,
5. That a copy of this resolution shall be sent to the Hennepin County
Auditor.
Passed by the council of the City of Richfield this 11th day of October, 1971.
Atteste
Thomas J. Mora City Clerk
Q,~}. ~~-,~~
tanley W. Olson Mayor