1973-5095rRESOLi3'TION No. 5095
RESOLUTION AUTHORIZING TRANSFER FROM IMPROVEMENT BONDS Of' 1953
SERIES C FUND 2'0 IMPROVEMENT BONDS OF 1967 FUND AND REDUCING
CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 3901 provided for the sale of $275,000 Improvement Bonds of
1967 and provided f.or 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 .levy to be
levied in 1973 to the extent that such reduction is possible by reason o~£
transfer from the Improvement Bonds of 1953, Series C Fund, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds of
1953, Series C Fund to pay all remaining principal and interest on such
bonds, and
WHEREAS, Such. transfer from the Improvement Bonds of 1953, Series C Fund shall be
surplus 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 $3,325 from the Improvement
Bonds of 19539 Series C Fund, to the Improvement Bonds of 1967 Fund is
hereby authorized and directed,
2. That the amount levied in 1973, collectible in 1974 on Resolution No.
3901, in the amount of $3,500, is hereby cancelled,
3. That a copy of this resolution sha11 be sent to the Hennepin County
Auditor.
Passed by the council. of the City of Richfield this 9th day of Octo"ber, 1973,
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~~ ~ Lorg~i L. Law l ~ ~ Mayor ~~
ATTEST:
Thomas J. Mo~°~i~. City Gler~C