1975-5427r463
RESOLUTION N0. 5427
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND TO WATER
BONDS OF 1962 FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2877 provided for the sale of $1,500,000 Water Bonds
of 1962 and provided for taxes to be levied for the repayment of
principal and interest thereof, 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 possible 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 $104,690 from the
Water IItility Fund to the Water Bonds of 1962 fund is hereby
authorized and directed.
2. That the amount to be levied in 1975, collectible in 1976 on
Resolution No. 2877, in the amount of $110,200 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 6thday October, 1975.
ATTEST:
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Thamas J. Mo City Clerk