1971-4664r~~1 ~Ntl~
RESOLUTION No. 4664
RESOLUTION AUTHORIZING TRANSFERS FROM IlKPROVEMENT BONDS OF 1953 AND
WA'1'BR UTILITY FUNDS TO IMPROVEMENT BONDS OF 1962 FUND AND REDUCING
CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No..2726 provided for the sale of $2,500,000 Improvement Bonds
of 1962 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,~s possible by reason
of transfers from the Improvement Bonds of-1953 Funcl and the Water Utility
Fund, 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 1853 Fund shall be surplus
monies not needed for the repayment of principal and interest on such
bonds, 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 $28,397 from the Improvement
Bonds of 1953 Fund to the Improvement Bonds of 1962 Fund is hereby author-
ized and directed.
2. That the transfer and appropriation of $15,446 from the Water Utility
_ Fund to the Improvement Bonds of 1962 Fund is hereby authorized and directed.
3. That the amoua.t to be levied in 1971 collectible in 1972 on Resolution
No, 2726 in the amount of $46,150 is hereby cancelled.
4. 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.
w .~,~.
'Stanley W. Olson Mayor
Attest:
omas J. Morany~ City Clerk