1976-5596r+'
40 !,
IZl~SOL,U'.I'1'OI>1 IdO. 559 G
RESCiLU'.L'ION AUTIIORTZI:NG TR.'~NSFERS FR01 IMPhOt%BI~~N7' BONDS OT' 1959,
Aldll WATER tt'~IL:CTY FItI7D;7 TO II~1PIZ.OVI~;P~11'sN'L' B01`?DS OF 19 62 FUND
,AND -REDUCING ,CEiZ'I'ATN AD VALOP,t?i~i TA}( LEVIES
1dIIE12P~AS, Re soluti.vn. No. 27?_6 provided for the s~'I.e of $2,500,000 Improvement:
Bonds of 1962-and provided for t~.ixes to be levied for the repayrnc~nt
• of prii~cipa7. and int.erest thereon., and
WIIEREAS, It appears desirable to cancel or reduce such ad valorem tax levies
t-o be levied in 1976 to the extent that such reduction is possible
• by reason of transfers from the Improvement Bonds of 1959 Fund and
the t~7ater Uti.lii:y Fund, and
WITi:REAS, There is presently sufficient funds available in the Improvement
Bonds of 1959 Fund to pay all remaining principal and interest orr
_ such bonds, and
tJIIl1REAS, Such transfer from the Improvement Bonds of 1959 Fund sha11 be
surplus monies not needed for the payment of principal and interest
on such bonds, and
WIlEREAS, Such transfers shall be charged to the Water Utility Fund, and
WHE RPAS, The ad valorem tax levy requirement includes a 5!o erces provision.,
NOW, TIIEREFOItE, BE IT I'.I;SOL`,TED by the city council of the City of Kichfield;
Minnesota as follows:
1< 'That the transfer and appropriation of $25,151 from the
Improvement Bonds of 1959 Fund to the Improvement Bonds
of 1962 fund is hereby authorized and directed.
2< That the transfer and appropriation of $13,680 from the
Water IIL-ility Fund to the Improvement Bonds of 1962 I'und~
is hereby authorized and directed,
3. That the amount- to be levied in 1976 collectible in 1977 on
Reso1_iztion A?o. 2726, in the amount of $40,875 is hereby
cancelled. ~~
..,
4. That a copy of this resolutioix shall be sent to the Hennepin
CounL-y Auditor.
Passed by Lhe city council of the City of Richfield this 8t1't day of October, 1976.
A'.CTEST:
i 1 ~,
'1'lionuis ,7, riot-an Cx•L-y Cleric
i
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