1971-4667r~~'
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RESOLUTION No. 4667
RESOLUTION AUT1?ORIZING TRANSFER FROM WATER UTILITY FUND TO
IMPROVEMENT BONDS OF 1965 FUND AND REDUCING CERTAIN AD VALOREM
TAX LEVIES
WHEREAS, Resolution No.. 3442 provided for the sale of $2,000,000 Improvement
Bonds of 1965 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
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, It appears desirable to cancel or reduce such remaining ad valorem
tax levy to be levied in 1971 by reason that there are currently
sufficient funds available in the debt redemption fund to pay in 1972
the principal and interest on the above bonds, 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 $24,450 from the Water
Utility Fund to the Improvement Bonds of 1965 Fund is hereby author-
ized and directed.
2. That the amount to be levied in 1971 collectible in 1972 on
Resolutio~l No. 3442, in the amount of $131,000, 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 • ozx-~,~-~0
Stanley W. Olson Mayor
Attest:
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Thomas J. Mor,' City Clerk
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