1973-5096rRESOLUTION No. 5096
RESOLUTION AUTHORIZING TRANSFER FROM IMPROVEMENT BONDS OF 1954 AND
IMPROVEMENT BONDS OF 1955, TO IMPROVEMENT BONDS OF 1972 AND REDUCING
CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolutioh. No. 4793 provided for the sale of $2,100,000 Improvement Bonds
of 1972 and provided for taxes to be levied for 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 1973 to the extent such reduction is possible by reason of
transfers from the Improvement Bonds of 1954 and "Improvement Bonds of
1955, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds
of 1954 Fund and Improvement Bonds of 1955 Fund, to pay all remaining
principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1954 and Improvement Bonds
of 1955, shall be surplus monies not needed far 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 $31,000 from the Improvement
Bonds of 1954 to the Improvement Bonds of 1972 is hereby authorized
and directed,
2, That the transfer and appropriation of $107,985 from the Improvement
Bonds of 1955 to the Improvement Bonds of 1972 is hereby authorized
and directed,
3, That the amount to be levied in 1973, collectible i•n 1974, on
Resolution N'o, 4793 in the amount of $14b,300, is hereby cancelled.
4, That a copy of this resolution sha11 be sent to the Hennepin County
Auditor.
Passed by th.e council of the City of Richfield this 9th day of October, 1973,
i
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Loren L, T.aaw Mayor
ATTEST®
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Thomas J. Moran City Clerk