#076 09-05-61 Rescind Improvement Bonds1
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Resolution No. 76
September 5, 1961
135
Member Flannagan then introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING AND DIRECTING
CANCELLATION OF 1961 LEVY FOR
$825,000 IMPROVEMENT BONDS OF 1959
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Minnesota, as follows:
1. In and by the resolution of this Council adopted on October 6, 1959,
authorizing and providing for the issuance of $825,000 Improvement Bonds of
19591 this Council levied an ad valorem tax in the amount of $1,200 for each
of the years 1960 through 1979 for the support of the Improvement Bond
redemption Fund, from which said bonds were made payable, but in and by the
same resolution this Council also reserved the right and power to reduce said
levies in accordance with the provisions of Minnesota Statutes, Section
475.61. It is hereby found and determined that there is on hand an excess
amount in said fund, over and above the amount therein which is sufficient
for the payment of all principal of and interest on the bonds payable from
said fund becoming due and payable prior to the time when the proceeds of a
tax levied by the Village in 1962 would be received, and that no payment of
principal or interest on any of the bonds payable from said fund is past due
or delinquent, and that the Village is therefore entitled to cancel the 1961
levy for said fund.
2. The Village Clerk is hereby authorized and directed to certify to
the County Auditor of Hennepin County the fact and amount of such excess in
said fund, together with a certified copy of this resolution, and shall request
that said County Auditor cancel said 1961 levy in accordance with Minnesota
Statutes, Section 475.61, Subdivision 3.
Attest:
Village Clerk
Mayor
The motion for the adoption of the foregoing resolution was duly seconded by
Member Bies and, upon vote being taken thereon, the following members 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 Clerk.