1972-4854rRESOLUTION No. 4854
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND
TO IMi'ROVFMENT BONDS OF 1965 FUND AND REDUCING CERTAIN
AD VALOREM TAX LEVIES
WHEREAS, Resolution No, 3442 provided for the sale of $2,000,000 Improvement
Bonds of 1965 and provided for taxes to be levied for the payment of
j principal and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce such. ad valorem tax levy to
the extent that such reduction. is possible by reason of transfer
from the Water Utility Fund, and
WHEREAS, Such transfer shall be charged to the Water Utility Fund, and
WHEREAS, It appears desirable to cancel or reduce such remaining ad valorem
tax levy to be levied~in 1972 by reason that there are currently
sufficient funds available in the debt redemption fund to pay in
1973 the principal and interest on the above bonds, a.nd
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 $21,980 from the Water
Utility Fund to the Improvement Bonds of 1965 Fund is hereby
authorized and directed.
2. That the amount to be levied in 1972, collectible in 1973 on
Resolution No. 3442, in the amount of $128,400, is hereby cancelled,
3. That a copy of this resolution shall be sent to the Hennepin
County Auditor,
Passed by the council of the City of Richfield this 10th day of October, 1972.
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Loren L. Law ~ Mayor
Attest:
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Thomas J. Moran' City Clerk