1975-5429r465
RESOLUTTON N0. 5429
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND
. T'0 IMPROFEMENT BONDS'OF 1965 FUND AND REDUCING CERTAIN •
AD VALOREM TAX LEVIES ~.
WHEREAS, Resolution No. 3442 provided for the sale of $2,000,000 7mprovemertt
Bonds of 1965 and provided for taxes to be levied for the payment of
principal and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem tax levy to
the extent that such reduction is possible by reason of transfer
° from the Water Utility Fund, ands
WHEREAS, Such transfer°shall be charged to the Water Utility Fund, and
• WHEREAS,. It appears desirable to cancel or reduce such. remaining ad valorem
tax levy to be levied in 1975 by reason that there are currently
sufficient funds available in the debt redemption fund to pay in
1976 the principal and interest on the above bonds, 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
1. That the transfer and appropriation of $20,000 from the Water
Utility Fund to the Improvement Bonds of 1965 Fund is hereby
authorized and directed. ~ •
. 2. That the amount to be Levied in 1975, collectible in 1976, on
Resolution No. 3442, in the amount of $110,300, 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 of October, 1975..
c-- ren L. Law or
ATTEST:
Thomas J. Mo City Clerk