1972-4851r~~~ //
RESOLUTION No. 4851
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEMENT BONDS OF 1954
AND WATER UTILITY FUNDS TO IMPROVEMENT BONDS OF 1962 FUND AND
REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No, 2726 provided for the sale of $2,500,000 Improvement Bonds
of 1962 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 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 all remaining principal and interest on such bonds,
and -
WTi-EREAS, Such transfer from the Improvement Bonds of 1954 Fund shall be surplus
monies not needed for the payment of principal and interest on such
bonds, and
WHEREAS, Such transfers shall be charged to the Water Utility Fund, 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 27,782 from the Improvement
Bonds of 1954 Fund to the Improvement Bonds of 1962 Fund is hereby
authorized and directed,
2, That the transfer and appropriation of 15,111 from the Water Utility
Fund to the Improvement Bonds of 1962 Fund is hereby authorized and
directed.
3. That the amount to be levied in 1972, collectible in 1973 on Resolu-
tion No, 2726, in the amount of $45,150, 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 t '~ 10th day of October, 1972.
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f- ~' L~ ren L. aw / Mayor
Attest:
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Thomas J. Mo~~.n City Clerk