#325 10-01-63 Authorize Cancellation Improvemetns Bonds 1959210
Resolution No. 325 October 1, 1963
Member Flannagan introduced and read the following resolution and
MOVED its adoption:
RESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1963 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
61 1959, authorizing and providing for the issuance of $825,000 Im-
provement 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 sup-
port 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
funds 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 1964 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 entit-
led to cancel the 1963 levy for said fund.
2. The Village Clerk is hereby authorized and directed to certi-
fy to the County Auditor of Hennepin County, the fact of such excess
in said fund, together with a certified copy of this resolution, and
shall request that said County Auditor cancel said 1963 levy in accord-
ance with Minnesota Statutes, Section 175.61, Subdivision 3.
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by Member Schaphorst and, upon vote being taken thereon, the
following voted in favor thereof: Flannagan, Nadasdy, Schaphorst, 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.