1971-4665r~~ ~~
RESOLUTION No. 4665
RESOLUTION AUTHORIZING TRANSFER FROM WA'1~R UTILITY FUND TO WATER
BONDS OF 1962 FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2877 provided for the sale of $1,500,000 Water Bonds of
1962 and provided for taxes to be levied for the repayment of principal
and interest thereof, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem tax levy to
be levied in 1971 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, 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 $115,045 from the Water
Utility Fund to the Water Bonds of 1962 Fund is hereby authorized and
directed.
2. That the amount to be levied in 1971 collectible in 1972 on
Resolution No. 2877 in the amount of $121,100 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 11th day of October, 1971.
W-
tanley W, Olson Mayor
Attest:
~ ;~
omas J. Moran City Clerk