1976-5598r42
RESOLUTION N0. 5598
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND TO WATER
'BONDS OF 1963 FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 3079 provided for the sale of $1,700,000 Water Bonds
of 1963 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 be levied in 1976 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 $127,300 from the
Water Utility Fund to the Water Bonds of 1963 Fund is
hereby authorized and directed.
2. That the amount to be levied in 1976, collectible in 1977,
on Resolution No. 3079, in the amount of $134,000 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 8th day of October, 1976.
ATTEST:
'' ~ ,1,
Thomas J. Moran City Clerk