1971-4669r4_~ ~:,
RESOLUTION No. 4669
RESOLUTION RELATING TO THE DISCONTINUATION OF THE DEBT SERVICE
FUND-AND THE TRANSFER OF SURPLUS
BE IT RESOLVED by the city council of the City of Richfield, Minnesota,
as follows:
1. The City created The Debt Service Fund in the early 1950's to
provide funds from ad valorem taxes to cover possible deficits which
could arise in debt service funds for bonds issued in 1951 and prior
years.
2. It is hereby determined that the ad valorem tax levies authorized
for this fund have not been spread for the past ten years and there is
no need to continue this fund, It is further determined that there is
a surplus in such fund in the amount of at least $2,200.
3. The aforementioned fund surplus is hereby transferred to the
Improvement Bonds of 1951 Fund.
Passed by the city council of the City of Richfield the 11th day of October,
1971.
1
Attest:
W •~Q-4~-~---~1
tanley W. Olson Mayor-
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Thomas J. Moran City Clerk