1974-5261r271
RESOh17TION~ N'o. 5261
RESOLITTI0N AiJ1'H0R.IZING TRANSFER FROM IMPROVEMENT BONUS OF 1954 AIVO B AND
IMPROVEMENT BONDS OF 1955, TO IMPROVEMENT BONDS OF 1972 AND REDI7CI:NC
CERTAIN AD VA7:,0REM TAB LEVIES
WHEREAS, Resolution No. 4793 provided. for the sale of $2,100,000 Improvement
Bonds of 1972 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 such reduction is possible by reason of
transfers from the Improvement Bonds of 1954 and B and Improvement Bonds
of 1955, and
WHEREAS, 'T'here is presently sufficient funds available in the Improvement Bonds
of 1954 and B Fund and Improvement Bonds of 1955 Fund, to pay all remaining
principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1954 anal B and Improvement Bonds
of 1955, sha11 be surplus monies not needed for t'he payment of principal
and interest on such bonds, and
WHEREAS, T`he ad valorem tax levy requirement includes a 5% excess provision,
NOW, THEREFORE, BE IT RESOLVED by the city council of the City of Richfield,
20 That the transfer and appropriation of $103,985 from the Improvement
Bonds of 1955 to the Improvement Bonds of 1972 is hereby authorized
and directed.
Minnesota, as follows:
1. That the transfer and appropriation of $35,000 from the Improvement
Bonds of 1954 and B to the Improvement Bonds of 1972 is hereby
authorized and directed.
3. That the amount to be levied in 1974, collectible in 1975, on
Resolution No. 4793 in the amount of $146,300 is hereby cancelled,
4, That a copy of tbiis resolution sha11 be sent to the Hennepin County
Auditor.
Passed by the council. of the City of Richfield this-$ th. d of~October, 1974.
~ ~ ~ /.:~,
p:,! !° ~` ~ ~,
L ren 1:,. Law Mayor
AT'1'ES T e
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Thomas J. Moran City Clerk