#005 02-21-61 Approve Municipal State Aid Street Fund2
Resolution No. 5 February 21,1961
Member Flannagan introduced the following resolution and MOVED its adoption:
RESOLUTION
(Municipal State -Aid Street Fund)
WHEREAS, the Village of Golden Valley has issued bonds in the amount
of $150,000.00 exclusively for the purpose of establishing, locating, relocating,
constructing, reconstructing or improving its Municipal State -Aid Streets, in
accordance with Laws of 1959, Chapter 500, Article III, Section 18, and
WHEREAS, said Municipality has irrevocably pledged to the sinking
fund from which said obligations are payable, that amount of its future Muni-
cipal State -Aid Street allotments as is permissable by law and needed to pay
the principal and interest thereon; which principal payments shall be made
from the construction account of such Municipal State -Aid Street Fund and the
interest payments made from the regular Municipal State -Aid Maintenance
allotment, all as detailed herein:
Year Principal Due
from M.S.A. Const. Fund
1961
$10,000.00
1962
10,000.00
1963
10,000.00
1964
10,000.00
1965
10,000.00
1966
100000.00
1967
10,000.00
1968
10,000.00
1969
10,000.00
1970
10,000.00
1971
10,000.00
1972
10,000.00
1973
10,000.00
1974
10,000.00
1975
10,000.00
Interest Due
from M.S.A. Maint. fund
$7,227.50
4,840.00
4,515.00
4,190.00
3,865.00
3,540.00
3,215.00
2,890.00
2,540.00
2,190.00
1,840.00
1,490.00
1,140.00
760.00
380.00
NOW, THEREFORE, BE IT RESOLVED: That the Commissioner of Highways
be and is hereby requested to keep a bond record in his office for the Village
of Golden Valley.
BE IT FURTHER RESOLVED: That the Commissioner of Highways be and is
hereby requested upon receipt of this resolution to annually certify to the
State Auditor the sum of money required for the principal and interest on
said bonds, as evidenced by detailed reports of the annual expenditures.
Attest:
Village Clerk
Mayor
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Resolution No. 5 (Continued)
The motion for the adoption of the foregoing resolution was duly seconded
by Member Teresi and, upon vote being taken thereon, the following voted
in favor thereof: Bies, Flannagan, Nadasdy, Scherer and Teresi;
and the following voted against the same: None,
whereupon said resolution was declared duly passed and adopted, signed by
the Mayor and his signature attested by the Village Clerk.
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