#192 09-18-62 Authorize Cencellation Levy Improvement BondsResolution No. 192 September 18, 1962
Member Scherer introduced the following resolution and MOVED its adoption:
"RESOLUTION AUTHORIZING AND DIRECTING
CANCELLATION OF 1962 LEVY FOR
$825,000 IMPROVEMENT BONDS OF 195911
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 1959, 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 Im-
provement 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 1963 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 en-
titled to cancel the 1962 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 re-
quest that said County Auditor cancel said 1962 levy in accordance with
Minnesota Statutes, Section 475.61, Subdivision 3.
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by Member Teresi and, upon vote being taken thereon, the following members
voted in favor thereof: Bies, Flannagan, Scherer and Teresi; and the fol-
lowing 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.
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