1972-4848ri
RESOLIiTLON NOo 4848
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RESOLI?TION AUTHORIZING TRANSFERS FROM Il~iPROVEMENT BONDS OF 1954,
AL"~~~ WATER UTILITY FUNDS TO IlKPROVE'SENT BONDS OF 1960 FUND AND
R:~DUCING CERTAIN AD VAL;OR'~M TAX. LEVIES
F~.~R.~S~ Resolution No. 2862 provided for the sale of $620,000 Improvement Bonds
I~ of 1964 and provided for taxes to be levied for the repayment of princip~.~.
f and interest thereon, and
` s~~~?~~T.~F,AS, It appears desirable to cancel or reduce such ad valorem tax levies to
be levied in 1972 to the extent that such reduction is possible by
reason of transfers from the Improvement Bonds of 1954 Fund and the
Water Utility Fund, and
~,~;~~;~y,AS, There is presently sufficient funds available in the Improvement Bonds
of 1954-Fund to pay all remaining principal and interest on such bonds,
and
W`~t~r~AS, Such transfer from the Improvement Bonds of 1954 sha11 be from surplus.
monies not needed for the payment of principal and interest in that
fund, and
WHE °' S, Such transfers sha11 be charged to the Water Utility Fund, and
WI~REAS, The ad valorem tax levy requirement includes a 5'/, excess provision.
N'~IW, THEREFORE, BE IT RESOLVED by the city council of the City of Richfield,
Minnesota, as follows:
1. That the transfer and appropriation of $2,466 from the Impra~vement
Bonds of 1954 Fund to the Improvement Bonds of 1960 Fund is hereby
authorized and directed,
2. That the transfer and appropriation of $14.6 from the Water Utility
Fund to the Improvement Bonds of 1960 Fund is hereby authorized and
directed.
3, That the amount to be levied in 1972, collectible in 1973 on Reso~
Iution No. 2.862, in the amount of $2,750,. is hereby cancelled,
4. That a copy of this resolution sha11 be sent to the Hennepin County
Auditor.
Passed by the counc3;`:of the City of Richfield this 11th day of October, 1972.
Attest: ~ L ren L. Law Mayor
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'~~h~oaaas Jo Mor~.n City Clerk