1975-5433r469
RESOLUTION N0. 5433
RESOLUTION AUTHORIZING TRANSFER FROM Il~ROVEMENT BONDS OF 1955
TO IMPROVEMENT BONDS OF 1974 AND REDUCING CERTAIN AD VALOREM
TAX LEVIES
WHEREAS, Resolution No. 5198 provided for the sale of $3,300,000 Improvement Bonds
of 1974 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 1955 fund, and
WHEREAS, There is 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 shall be surplus monies
not needed for the payment of principal and interest on such bonds, and
WHEREAS, The ad valorem tax levy requirement includes a 5°!o 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 $33,536 from the Improvement
Bonds of 1955 to the Improvement Bonds of 1974, is hereby authorized
and directed.
2. That the amount to be levied in 1975, collectible in 1976, on
Resolution No. 5198 in the amount fo $35,301 is hereby cancelled.
3. That a copy of this resolution shall be sent to the Hennepin County
Auditor.
Passed by the city council of the City of Richfield this 6th day of October, 1975.
ren L. Law yor
ATTEST:
Thomas J. Mor City Clerk