1971-4668rt ~`q fl
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RESOLUTION No. 4668
RESOLUTION AUTHORIZING TRANSFER FROM IMPROVEMENT BONDS OF 1950 FUND
TO IMPROVEMENT BONDS OF 1967 FUND AND REDUCING CERTAIN AD VALOREM
TAX LEVIES
WHEREAS, Resolution No. 3901 provided for the sale of $275,000 Improvement
Bonds of 1967 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 be levied in 1971 to the extent that such reduction is possible
by reason. of transfer from the Improvement Bonds of 1950 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, 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 $3,325 from the Improvement
Bonds of 1950 Fund to the Improvement Bonds of 1967 Fund is hereby
authorized and directed.
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2. That the amount levied in 1971 collectible in 1972 on Resolution
No. 3901, in the amount of $3,500, is hereby cancelled.
3. That a copy of this resolution shall be sent to the Hennepin County
Auditpr.
Passed by the council of the City of Richfield this 11th day of October, 1971.
w ~y~~-.
Stanley W. Olson Mayor
Attest:
Thomas J. Morany/ City Clerk
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