1974-5263r273
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RESOLUTION No, 5263
RESOLUTION AUTHORIZING TRANSFER FROM IriPROVEMENT BONDS OF 1959
TO IMPROVEMENT BONDS OF 1974 AND REDUCING CERTAIN AD VALOREri
TAX LEVIES
WHEREAS, Resolution No. 5198 provided. for the sale of $3,300,000 Improvement Bonds.
of 1974 and provided for taxes to be levied ,for the repayment of principal
and interest thereon, and
WHEREAS, Tt appears desirable to cancel or reduce such ad valorem tax levies to be
Ievied ~in 1974 to the extent such reduction is possible by reason of
transfers from the Improvement Bonds of 1959 fund, and.
WHEREAS, There is sufficient funds available in the Improvement Bonds of 1959 fund
to pay aII remaining principal and interest on such bonds, and
WHEREAS, Such transfer from-the Improvement Bonds of 1959 shall be surplus monies
not needed for the payment of principal and interest on such bonds, and
WI~REAS, The ad valorem tax levy requirement includes a 5°1o excess provision.
NOW, THEREFORE, BE`IT RESOLVED toy the city council of the City of Richfield, Minnesota
as follows:
1. That the transfer and appropriation of $30,129 from the Improvement
Bonds of 1959 to the Improvement Bonds of 1974,. is hereby authorized
and directed.
2. That the amount to be levied in 1974, collectible in 1975, on
Resolution Noa 5198 in the amount of $3.1,715 is hereby cancelled,
3> That a copy of this resolution shall be sent to the Hennepin County
Auditor.
Passed by the city council of the City of Richfield this 8 th da~f"October,-1974.,
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_ _ ~ oren L. ~L=era ~ ~ Mayor
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Th mas J. Mor,~~ City Clerk
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