1976-5599r43
RESOLUTION N0. 5599
RESOLUTION AUTHORIZING TRANSFER FROM WATER UTILITY FUND
TO IMPROVEMENT BONDS OF 1965 FUND AND REDUCING CERTAIN
AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 3442 provided for the sale of $2,000,000 Improvement
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, and
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 1976 by reason that there are currently
sufficient funds available in the debt redemption fund to pay in
1977 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. 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. 'Phat the amount to be levied in 1976, collectible in 1977,
on Resolution No. 3442 in the amount of $108,000, 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.
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.' oren L. Law -' Mayor
ATTEST:
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Thomas J. Moran City Clerk