1973-5094rRESO~l.,'L~~,'LON Noe 5094
1
RESOZaU'fION AU°1'HORI~INC `fRANSfER fROM W.A':I.'ER U`Pll,l'3'Y fUNU
~0 TMPROVEMEN'f BONS Of 1965 1'[TNT2 AN1~ RE~UGINC GER`l`AI;N
A~ VAl',OREM 1'AX LEVIES
WHEREAS, Resolution Noo 3442 provided for the sale of X2,0009000 Improvement
Bonds of 1965 a.nd provided for taxes to be levied for the payment of
principal and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem tax .leery 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 fund9 and
WHEREAS, It appears desirable to cancel or reduce such remaining ad valorem
tax levy to be levied in 1973 by reason that there are currently
sufficient funds available in the debt redemption fund to pay in
1974 the principal and interest on the above bonds, and
WHEREAS, The ad valorem tax. levy requirement includes a 5% excess provisiono
NOW, `:CHEREfORE, BE II' RESOLVED by the city council of the City of Riehfield9
Minnesota, as follows:
1. 'L'hhat the transfer and appropriation of X20,000 from the Water
Utility fund to the Improvement Bonds of 1965 fund is hereby
authorized and directed,
2. ."hat the amount to be levied in 1973, collectible in 1974, on
Resolution No® 3442, in the amount of $1259700, is hereby cancelledo
30 `1'Y?at a copy of this resolution sha11 be sent to the Hennepin
County Auditore
Passed by the council of the City of. Richfield. this 9th day of Octobe~r9 1973,
~,oren L.
AT'fES T ;
~.omas J, Mor~.n City Clem
Mayor