1973-5097rr~sa~~~~~r'I0~ ri®. ~a97
RESOI,U`I'ION AU`.CHORIGING TRANSFER FROM IMPROV~MEN`I 80115 OF 1955 `f0
IMPROVEMENT BONDS OF 1973 AND REDUCING CERTAIN AD VA.I~OItEM `Z'AX ZaEV'IES
WHEREAS, Resolution No, 4990 provided for the sale of ~6,300,OOa Improvement Bonds
of 1973 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 ].973 to the extent such reduction is possible by reason that the
initial bond proceeds covered the first year interest and of transfers frorr~
the Improvement Bonds of 1955 Fund, and.
WHEREAS, There is presently sufficient funds available in the Improvement Bonds of
1955 Fund to pay all remaining principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1955 eha11 be surplus monies
not needed for the payment of principal and. interest on such bo~nd.s, and
WHEREAS, The ad valorem tax levy requirement includes a 5% excess provision,
NOW, TIiEREFORE, BE IT RESOLVED by the city council of the City of Richfield,
Minnesota, as follower
to That the transfer and appropriation of X95,768 from the Improvement
Bonds of 1955 to the Improvement Bonds of 1973, is hereby authorized
s.nd d~.rected.
2. That the amount to be levied in 1973, collectible in 1974, on Resolu-
tion No. 4990, in the amount of $98,091, is hereby cancelled.
30 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 October, 1973.
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<J- ' Doren La 'Law - t Mayor
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ATTESTr
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l.'`~?omas d. / an City C~.er~e
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