1975-5426r462
RESOLUTION N0. 5426
RESOLUTION AUTHORIZING TRANSFERS FROM IlKPROVEMENT BONDS OF 1955, IlKPROVEMEATT
BONDS OF 1956 AND WATER UTILITY FUNDS TO Il~D.'ROVEMENT BONDS OF 1962 FUND
AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2726 provided .for the sale of $2,500,000 Improvement Bonds
of 1962 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 1955 Fund, Improvement Bonds of
1956 Fund and the Water Utility Fund, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds of
1955 Fund and Improvement Bonds of 1956 Fund to pay all remaining princi-
pal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1955 Fund and Improvement Bonds
of 1956 Fund shall be surplus monies not needed for the payment of principal
and interest on such bonds, 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 $5,000 from the Improvement
Bonds of 1955 Fund to the Improvement Bonds of 1962 Fund is hereby
authorized and directed.
2. That the transfer and appropriation of $20,854 from the Improvement
Bonds of 1956 Fund to the Improvement Bonds of 1962 Fund is hereby
authorized and directed.
3. That the transfer and appropriation of $14,056 from the Water Utility
Fund to the Improvement Bonds of 1962 Fund is hereby authorized .and
directed.
4. That the amount to be levied in 1975 collectible in 1976 on Reso-
lution No. 2726, in the amount of $42,000 is hereby cancelled.
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.
i
~~, ren L. Law Mayor
ATTEST:
Thom~a~s J~~Mo~;~n' °C~~~y'°Clerk