1972-4855r
RESOLUTION No, 4855
RESOLUTION AUTHORIZING TRANSFER FROM Il~LPROVEMENT BONDS OF
1951 FUND TO IMPROVEMENT BONDS OF 1967 FUND AND REDUCING
CERTAIN AD VALOREM TAX LEVIES
tiv~;.F.~RE.4S, Resolution Nom 3901 provided fo-r the sale of $275,000 Improvement
Bands of 1967 and provided for taxes to be levied for the payment
of principal and interest thereon, and
W~HrREAS, It appears desirable to cancel or reduce such ad valorem tax levy
to be levied in 1972 to the extent that such reduction is possible
by xea~on of transfer from the Improvement Bonds of 1951 Fund, and
W~'iIuREAS, There is presently sufficient funds available in the Improvement Bonds
of 1951 Fund to pay aI1 remaining principal and interest on such bonds,
and
WH~P~AS, Such transfer from the Improvement Bands of 1951 Fund shall be surplus
monies not needed for the payment of principal and interest on such
bonds, and
~i13EREAS, The ad valorem tax levy requirement includes a 5°lo excess provision,
NOW, THEREFORE, BE IT RESOLVED by the city council of the City of Richfield, -
Minnesota, as follows:
le That the transfer and appropriation of $3,325 from the Improvement
Bonds of 1951 Fund to the Lmprovement Bonds of 1967 Fund is hereby
authorized and directed,
2. That the amount levied in 1972, collectible in 1973 on Resolution
No. 3901, in the amount of $3,500, is hereby cancelledo
3o That a copy of. this resolution shall be sent to the Hennepin County
Auditoro -
Passed by the council of the City of Richfield this 10~-h: day of October, 1972,
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Lo~`en Lo Law `' ' ~; Mayor
Attest:
Thomas J. Moran ;' ~~`~ City Clerk
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