1974-5259r2 69
RESOLUTION No. 5259
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND
TO IMPROVEMENT BONDS OF 1965 FUND AND REDUCING CERTAIN
AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 3442 provided for the sale of $2,000,000 Improvement
Bonds of 1965 and provided for taxes to be levied for the payment of
principal and interest thereon, and
WHEREAS, Tt appears desirable to cancel or reduce such ad valorem tax levy to
the extent that such reduction is possible by reason of transfer
from the Water Utility Fund, and
WHEREAS, Such transfer sha11 be charged to the Water 'Utility Fund, and
WHEREAS, It appears desirable to cancel or reduce such remaining ad valorem
tax levy to be levied in 1974 by reason that there are currently
sufficient funds available in the debt redemption fund to pay in
1975 the principal and interest on the above bonds, and
WHEREAS, The ad valorem tax levy requirement includes a 5% excess provision.
NOW, THEREFORE, BE IT RESOLVED by the city council of th.e City of Richfield,
Minnesota, as follows:
1. 'T'hat the transfer and appropriation of $20,000 from the Water
Utility Fund to the Improvement Bonds of 1965 Fund is hereby
authorized and directed,
2, `That the amount to be levied in 1974, collectible in 1975, on
Resolution No. 3442, in the amount of $112,600, is hereby cancelled,
3. That a copy of this resolution shall be sent to th.e Hennepin
County Auditor.
Passed by the council of the City of Richfield th:Ls .8th d.
' ~ oxen L. Law
ATTES'T' o
%~ _
Thomas J, Mor ~ ~ City Clerl~.
October, 19"74.
,.~__
Mayor