#327 10-01-63 Authorize Cancellation Improvement Bonds for 196211 -
Resolution No. 327 October 1, 1963
Member Flannagan introduced and read the following resolution
and MOVED its adoption:
RESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1963 LEVY FOR
$2,600,000 IMPROVEMENT BONDS FOR 1962
BE IT RESOLVED by the Village Council of the Village of Golden
Valley, Minnesota, as follows:
2. The Village Clerk is hereby authorized and directed to
certify to the County Auditor of Hennepin County, the fact of such
excess in said fund, together with a certified copy of this reso-
lution, and shall request that said County Auditor cancel said 1963
levy in accordance with Minnesota Statutes, Section 475.61, Subdi-
vision 3.
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by Member 5chaphorst 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.
1. In and by the resolution of this Council adopted on May
10, 1962, Resolution 137 as amended May 15, 1962, Resolution 112
authorizing and providing for the issuance of $2,600,000 improve-
ment bonds of`,1962, this Council levied an ad valorem tax in the
amount of $167, 00 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 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 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 levy for said fund.
2. The Village Clerk is hereby authorized and directed to
certify to the County Auditor of Hennepin County, the fact of such
excess in said fund, together with a certified copy of this reso-
lution, and shall request that said County Auditor cancel said 1963
levy in accordance with Minnesota Statutes, Section 475.61, Subdi-
vision 3.
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by Member 5chaphorst 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.