#326 10-01-63 Authorize Cancellation Improvement Bonds of 1963211a.
Resolution No. 326 October 1, 1963
Member Flannagan introduced and read the following resolution and
MOVED its adoption:
RESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1963 LEVY FOR
$2,975,000 IMPROVEMENT BONDS OF 1963
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 August
61 1963, Resolution 289 authorizing and providing for the issuance
of $2,975,000 improvement bonds of 1963, this Council levied an ad
valorem tax in the amount of $49,200 for the year 1963 collectible
in 1964 for the support of the Improvement Bond Redemption Fund,
from which said bonds were made payable but in and by the same res-
olution this Council also reserved the right and power to reduce
said levies in accordance with the provisions of Minnesota Statutes,
Section 175.61. 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 1961 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 1963 levy for said fund.
2. The Village Clerk is hereby authorized and directed to cert-
ify 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 wa.s 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.
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