1975-5423r458
RESOLUTION N0. 5423
RESOLUTION AUTHORIZING TRANSFERS FROM IA'lPROVEMENT BONDS OF
1954_, SERIES B, AND WATER UTILITY FUNDS TO IMPROVEMENT BONDS
OF 1960 FUND AND REDUCING CERTATN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2862 provided for the sale of $620,000 Improvement Bonds
of 1960 and provided for taxes to be levied for the repayment of prin-
cipal and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem tax levies to
be levied in 1975 to the extent that such reduction is possible by reason
of transfers from the Improvement Bonds of 1954 Series B Fund, and the
Water Utility Fund, and
WHEREAS, Such transfer from the Improvement Bonds of 1954 Series B shall be from
surplus monies not needed for the payment of principal and interest in
that fund, and
WHEREAS, Such transfers shall 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 $2,467 from the Improvement
Bonds of 1954 Series B Fund, to the Improvement Bonds of 1960 Fund
is hereby authorized and directed,
2. That the transfer and appropriation of $146 from the Water`Jtility
Fund to the Improvement Bonds of 1960 Fund is hereby authorized
and directed.
3. That the amount to be levied in 1975, collectible in 1976 on Res-
olution No. 2862, in the amount of $2,750, 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 6thday of October, 1975.
. ~_
ren L. Law yor
ATTEST:
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omas J. an City Clerk
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