1974-5254r2 64
RESOL'iJTION No. 5254
D
RESOLUT'TON AUTHORIZING TRANSFERS °E'ROM IMPROVEMENT BONDS OF 1954
AND WATER UI'I1,ITY FUN:®S TO IMPR.OV~MENT BONDS OF 1961 FUND AND
REDUCING CERTAIN AD VALOREM TAX. LEVIES
WHEREAS, Resolut-ion No. 2524 provided for the sale of $1.,155,000 Improvement Bonds
of 1961-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 1974 to the extent that such. reduction is possible by reason of
transfers from the Improvement Bonds of 1954 Fund and the Water Utility
Fund, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds of
1954 Fund to pay all remaining principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1954 Fund sha11 be from surplus
monies not needed for the payment of principal and interest in that fund,
and
WHEREAS, Such transfers sha11 be charged to the Water Utility Fund, and
WHEREAS, The ad valorem tax levy requirement includes a 5% excess provision.
NOW, THEREFORE, BE TT RESOLVED by the city council of the City of Richfield, Minnesota,
as follows;
1. That the transfer and appropriation of $15,712 from the Improvement
Bonds of 1954 Fund. to t'he Improvement Bonds of 1961 Fund is hereby
authorized and directed.
2. That the transfer and appropriation of $15,588 from the Water Utility
Fund to the Improvement Bonds of 1961 Fund is hereby authorized and
directed,
3. `T`hat the amount to be levied. ~.n 19749 collectible in 1975, on Resolum
tion No. 26249 in t:he amount of $34,0009 is hereby cancelled,
4, 'T'hat a copy of. this resolution sha11 be sent to the Hennepin County
Auditor,
n
Passed by the counci'1 of the City of Richfield this 8 t'h
ATTESTo
/ ~~ ,
Thomas J. MoraxY City Cler~C
Lo Law
of October, 19740
,.,,
f.
Mayor