1974-5257r267
RESOLU'I''.LON No 0 52 57
RESOLUTTON AUTHORIZI.'NG TRANSFERS FROM IMPROVEMENT BONDS OF 1954 AND B
AND WATER U`I'IL'ITy FUNDS TO IMPROVEMENT BONDS OF 1962 FUND AND
REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No® 2726 provided for the sale of $2,5C?0,000 Improvement Bonds
of 1962 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 and B Fund and the Water
Utility Fund, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds
of 1954 and B Fund to pay all remaining principal and interest on such
bonds9 and
WHEREAS, Such transfer from the Improvement Bonds of 1954 Fund shall be surplus
monies not needed for the payment of prinicipal and interest on such
bonds, and
WHEREAS, Such transfers shall be charged to the Water Utility Fund, and
WHEREAS, The ad valorem tax levy requirement includes a 5% excess provisions
NOW, THEREFORE, BE IT RESOLVED by the city council of the City of Richfield, Minnesota,
as followse
1, That the transfer and appropriation of $26,520 from the Improvement
Bonds of 1954 and B Fund to the Improvement Bonds of 1962 Fund is
hereby authorized and directed.
2. That the transfer and appropriation of $14,425 from the Water Utility
Fund to the Improvement Bonds of 1962 Fund is hereby authorized and
directeda
3a That the amount to be levied in 1974, collectible in 1975, on Resolum
Lion Nor 2726, in the amount of $43,100 is hereby cancelled,
4< That a copy of this resolution shall be sent to the Hennepin County
Auditor,
Passed by the council of the City of Richfield this 8 th day of October, 1974a
_ ~ ~.
,s° ~ f°
ATTESTa _'. oven Le Law ~ Mayor
,~
Thomas Je Mor~ City Clerk