1972-4856rRESOLUTION No, 4856
RESOLU'xION AUTHORIZING TRANSFER FROM IMPROVEMENT BONDS OF 1954,
SERIES B, TO IMPROVEMENT BONDS .OF 1972 AND REDUCING CERTAIN AD
VALOREri TAX LEVIES
WHEREAS, Resolution No, 4793 provided .for the sale of $2,100,000 Improvement Bonds
of 1972 and provided for taxes to be levied fo-r 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 such reduction. is possible by reason that the
initial bond proceeds covered the first year interest and of transfers from
the Improvement Bonds of 1954, Series B Fundy and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds of
1954, Series B Fund, to pay all remaining principal and interest on such
bonds, and
WHEREAS,. Such transfer from the Improvement Bonds of 1954, Series B, shall be surm
plus monies. not needed for the payment of principal and interest on such
bonds, 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 $23,425 from the Improvement
Bonds of 1954, Series B, to the Improvement Bonds of 1972 is hereby
authorized and directed.
2. That the amount to be levied in 1972 collectible in 1973 on Resolution
No. 4793 in the amount of $150,900 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~~,dth day of October, 1972.
. ~ i, ~~
en L, Law 4 ~ Mayor
Attest;
Thomas J. Moran:;! City. Clerk