1975-5424r459
RESOLUTION N0. 5424
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND TO
WATER BONDS OF 1961 FUND AND REDUCING CERTAIN AD VALOREM
TAX LEVIES
WHEREAS, Resolution No. 2624 provided for the sale of $120,000 Water Bonds of
1961 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 levy to
be levied in 1975 to the extent that such reduction is possibly by
reason of transfer from the Water Utility Fund, and
WHEREAS, Such transfer shall be charged to the Water Utility Fund, and
WHEREAS, The ad valorem tax levy requirement includes a 5% excess provision.
NOW, THEREFORE, BE IT RESOLVED by the city council of the City of Richfield,
Minnesota, as follows:
1. That the transfer and appropriation of $7,600 from the Water
Utility Fund to the Water Bonds of 1961 Fund is hereby authorized
and directed.
2. That the amount to be levied in 1975, collectible in 1976, on
Resolution No. 2624, in the amount of $8,000 is hereby cancelled.
3. That a copy of this resolution shall be sent to the Hennepin
County Auditor.
Passed by the council of the City of Richfield this 6th day of October, 1975.
ATTEST:
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~ Thomas J. Mor City Clerk
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