1972-4849r~(
RESOLUTION No. 4849
I
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEMENT BONDS OF 1954
j AND WATER UTILITY FUNDS TO IMPROVEMENT BONDS OF 1961 FUND AND
i REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2624 provided for the sale of $1,155,000 Improvement Bonds
of 1961 and provided for taxes to be levied for the repayment of principal
I and interest thereon, and
WHEREAS, 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
WHEREAS, There is presently sufficient funds available in the Improvement Bonds of
1954 Fund to pay al.l remaining principal. and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1954 Fund shall.be::from
surplus monies not needed for the payment of principal and interest in that
fund, and
~+IHEREAS, Such transfers shall be charged to the Water Utility Fund, and
u
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 $17,204 from the Improvement
-Bonds of 1954 Fund to the Improvement Bonds of 1961 Fund is hereby
authorized and directed.
2. That the transfer and appropriation of $16,047 from the Water Utility
Fund to the Improvement Bonds of 1961 Fund is hereby authorized and
directed. .
3. That the amount to be levied in 1972, .collectible in 1973, on Resolu-
tion Na. 2624, in the amount of $35,000, is hereby cancelled.
4. That a copy of this resolution shall be sent to'the Hennepin County
Auditor.
Passed by the council of the City of Richfield this 1 ,fh day of October, 1972,
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-- o _ L. Law ~ Mayor
Attest: _ ,
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Thomas J. Moran City Clerk