1976-5602r46
RESOLUTION N0. 5602
RESOLUTION AUTHORIZING TRANSFER FROM IMPROVEMENT BONDS OF 1959
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 1976 to the extent such reduction is possible by
reason of transfers from the Improvement Bonds of 1959 fund, and
WHEREAS, There is sufficient funds available in the Improvement Bonds of 1959
Fund to pay all remaining principal and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1959 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% 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 $34,688 from the
Improvement Bonds of 1959 to the Improvement Bonds of 1974,
is hereby authorized and directed.
2. That the amount to be levied in 1976, collectible in 1977,
on Resolution No. 5198 in the amount of $36,514, 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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l ~ r Loren L: Law ~ Mayor
ATTEST:
Thomas J. Moran City Clerk