1975-5431r467
RESOLUTION N0. 5431
RESOLUTION AUTHORIZING TRANSFER FROM IMPROVEMENT BONDS OF 1956 AND
Il~D'ROVEMENT BONDS OF 1959 TO IMPROVEMENT BONDS OF 1972 AND REDUCING
CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 4793 provided for the sale of $2,100,000 Improvement Bonds
of 1972 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 such reduction is possible by reason of
transfers from the Improvement Bonds of 1956 and Improvement Bonds of
1959, and
WHEREAS, There is presently sufficient funds available in the Improvement Bonds
of 1956 Fund and Improvement Bonds of 1959 Fund, to pay all remaining
principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1956 and Improvement Bonds
of 1959, shall be surplus monies not needed for the payment of principal
and interest on such bonds, and
WHEREAS, ~h.e 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. 't'hat the transfer and appropriation of $34,520 from the Improvement
Bonds of 1956 to the Improvement Bonds of 1972 is hereby authorized
and directed.
2. That the transfer and appropriation of $100,000 from the Improvement
Bonds of 1959 to the Improvement Bonds of 1972 is hereby authorized
and directed.
3. That the amount to be levied in 1975, collectible in 1976, on
Resolution No. 4793 in the amount of $141,600, is hereby cancelled.
4. 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.
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°-~ Lo en L. Law yor
ATTEST:
'T'homas J. Mor City Clerk
~y