1975-5425r460
RESOLUTION N0. 5425
RESOLUTION AUTHORIZING TRANSFERS FROM Il~'R'ROVEMENT BONDS OF 1954, SERIES B,
IMPROVEMENT BONDS OF 1955 AND WATER UTILITY FUNDS TO IMPROVEMENT BONDS OF
1961 FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2624 provided for the sale of $1,155,000 Improvement 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 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, the Improve -
ment Bonds of 1955 Fund and the Water Utility Fund, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds of
1955 Fund to pay all remaining principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1955 Fund shall be from surplus
monies not needed for the payment of principal and interest in that fund,
and
WHEREAS, Final payment for principal and interest maturities on the Improvement Bonds
of 1954, Series B was made on August 1, 1975, and
WHEREAS, Such transfer from the Improvement Bonds of 1954, Series B, Fund 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 IT RESOLVED by the city council of the City of Richfield, Minnesota,
as follows:
1. That the transfer and appropriation of $9,000 from the Improvement
Bonds of 1954, Series B, Fund to the Improvement Bonds of 1961 Fund
is hereby authorized ;and directed.
2, That the transfer and appropriation of $15,130 from the Water. Utility
Fund to the Improvement Bonds of 1961 Fund is hereby authorized and
directed.
3. That the transfer appropriation of $7,220 from the Improvement Bonds
of 1955 Fund to the Improvement Bonds of 1961 Funds is hereby author-
ized and. directed.
4. That the amount to be levied in 1975, collectible in 1976, on Reso-
lution No. 2624, in the amount of $33,000 is hereby cancelled,
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461
Resolution No. 5425 (Continued)
5. 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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omas J. Mo City Clerk
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