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4 <br />the improvement deposited in the Improvement Bond Redemption Fund of the City <br />and the proceeds of any obligations hereafter issued to pay the costs of the <br />improvement. The City Treasurer is hereby authorized and directed to transfer <br />forthwith to the construction fund for the improvement from the Improvement <br />Bond Redemption Fund the sum of $230,000, being part of the amount of collec- <br />tions of special assessments hereto -fore received, the balance of $26,-801 to be <br />transferred at such times as prepayments will allow. In the interim the City <br />Treasurer is directed to transfer $26,801 from the General Fund of the City to <br />the construction fund for the improvement, to be repaid from prepayments and/or <br />other legal sources. <br />5. It is hereby determined that the collections of special assess- <br />ments heretofore levied for the improvement and not appropriated to the payment <br />of the costs of the project will be insufficient to pay the principal and interest <br />on the Bonds when due. For the purpose of providing for the City's share of the <br />costs of the improvement and to provide for payment of principal and interest on <br />the Bonds when due, there is hereby levied a general ad valorem tax on all of the <br />taxable property in the City as adjusted annually at approximately the below listed <br />schedule: <br />Year Collectible Amount of Lf <br />yy <br />1975 <br />1976 20,000 <br />1977 20,700 <br />1978 20,300 <br />1979 21,000 <br />1980 21,500 <br />1981 21,900 <br />1982 22,100 <br />1983 <br />22,300 <br />1984 22,200 <br />1985 22,100 <br />1986 21,800 <br />1987 26,800 <br />and the collections of such taxes are hereby appropriated to the Improvement Bond <br />Redemption Fund. <br />6. The City Clerk Administrator is hereby directed to advise this <br />Council before October 1 of each year of the amounts of connection charges and <br />other water revenues on hand that could be appropriated'to the Improvement Bond <br />Redemption Fund to permit the reduction of the foregoing tax. levies in accordance <br />with'Section 475.61,;Subd. 3, Minnesota Statutes. <br />T h E! motion for the adoption of the foregoing resolution was duly <br />seconded by Councilman Butler and upon vote being taken thereon the <br />following voted in favor thereof: Mayor Searles, Councilmen Butler, <br />�,Massengale, and Paurus.- <br />and .,the, ,following voted against the same: None <br />whereupon, said resolution was declared duly passed and.adopted. <br />'Y'1( <br />Robert L. Searle <br />s, Mayor, <br />';VNttestt: <br />Walter R. fiebon,,Clerk-Adm'inistrator <br />