1972-4749r31_
Resolution No. 4749
RESOLUTION AUTHORIZING TRANSFER OF DEBT REDEMPTION FUND SURPLUS
TO THE GENERAL FUND: AND APPROPRIATION OF MONEY TO THE SEWER
UTILITY FUND
WHEREAS, on February 8, 1971 the city council of the City of Richfield
entered into an agreement with the Metropolitan Sewer Board to transfer certain
interceptors located in Richfield; and
WHEREAS, such agreement provided that the Metropolitan Sewer Board would,
upon assumption of ownership of said interceptors, assume the bonded indebtedness
remaining on the financing of these interceptors...namely, Improvement Bonds of
1953, dated March 1, 1953, and Improvement Bonds Series B, dated November 1, 1953;
and
WHEREAS, Resolution No. 4441, dated September 14, 1970 authorized the redemption.
of the remaining outstanding bonds and cancelled the remaining ad valorem tax levies
on these issues; and
WHEREAS, by reason of the above named actions, it is further determined that
there is a surplus in the Improvement Bonds of 1953 and B Debt Redemption Fund in
the amount of at least $259,950; and
WHEREAS, on February 8, 1971 the city council of the City of Richfield passed
an ordinance amendment increasing the sewer rates and charges to enable the city to
meet increased treatment costs which are determined annually by the Metropolitan
Sewer Board; and
WHEREAS, it is the intention of the City of Richfield to set sewer usage
charges in an amount sufficient to meet the net annual service charge without du-
plicating costs through usage charges and ad valorem tax levies on bonded indebtedm
Hess; and
WHEREAS, it is determined that the aforementioned bonds sinking fund surplus
should be transferred to the General Fund and by reason of such transfer it is de-
termined that the actual receipts of the city in the General Fund exceed the budget
estimate of receipts for such fund for the year 1972 by the amount of $259,950, and
that such amount should be appropriated and transferred to the Sewer Utility Fund
in keeping with the policy of providing such service at a reasonable cost to the
users.
NOW, THEREFORE, BE IT RESOLVED by the city council of the City of Richfield:
1. That $259,950 of the Improvement Bonds of 1953 and B Debt Redemption Fund
surplus is hereby transferred to the General Fund,
2. That the estimated revenues of the City of Richfield, from all sources for
1972, are hereby revised as follows:
FUND AMOUNT
General Fund $259,950 increase
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3. That the sum of $259,950 is hereby appropriated from the General Fund to
~;he Seraer Utility Fund.
4. That the General Fund budget of the city for the year 1972 is hereby amended
to the extent provided in this resolution.
Passed by the City Council of the City of Richfield this 27th day of March,
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Toren L, ~awt~~°' ;`~ ~ Mayor
AT`1~ST
'.I`l~.omas J. Moran Clerk
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