1974-5253r263
RESOLUTION Noa 5253
RESOLUTION AUTHORIZING TRANSFERxS :FROM IMPROVEMENT BONDS OF
1953, Series C, A'ND WATER UTILITY :FUNDS TO IMPROVEMENT BONDS
OF 1960 FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No, 2862 provided for the sale of $620,000 Improvement Bonds
of 1960 and provided for taxes to be levied f.or the repayment of prin-
cipal and ~,nterest thereon, and
WHEREAS, It appears des:l.rable to cancel or reduce such ad valorem tax levies to
be levied in 1974 to the extent that such reduction is possible by reason
of transfers from the Improvement Bonds of 1953, Series C Fund, and the
Water Utility Fund, and
WHEREAS, Final payment for principal and interest maturities on the Improvement
Bonds of 19539 Series C Fund was made on November 1, 1973, and
WHEREAS, Such transfer from the Improvement Bands of 1953, Series C, shall be
from surplus monies not needed for the payment of principal and interest
in that fund, and
WHEREAS, Such transfers shall be charged to the Water Utility Fund9 and
WHEREAS, The ad valorem tax levy requirement includes a 5% excess provisiono
NOW, THEREFORE, BE IT RESOT:VED by the city council of the City of Richfield, Minnesota
as followse
1. That the transfer and appropriation of $2,467 from the Improvement Bonds
of 1953, Series C Fund, t:o the Improvement Bonds of 1960 Fund is hereby
authorized and directedo
2, That the transfer and appropriation of $146 from the Water Utility Fund
to the Improvement Bonds of 1960 Fund is hereby authorized and directed,
3, That the amount to be levied in 1.974, collectible in 1975 on Resolution
Noo 2862, in the amount of $2,7509 is hereby cancelled,
4e That a copy of this resolution shall. be sent to the Hennepin County
Ao.ditar,
Passed by the counc:~,1, of the City of Richfie'l.d this 8th day of October, 1974,
~_~' °,
,,~ ;;
~"
y Taoren L. I~a~-'~~ ~ Mayor
ATTEST
'Irh.omas Jo Moran. City C1er~