#445 10-06-64 Authorize Cancellation Levy Improvement Bonds1
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Resolution No. 445
October 6, 196
Member Schaphorst introduced and read the following resolution
and MOVED its adoption:
RESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1964 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:
1. In and by the resolution of this Council adopted on May 10,
1962, Resolution 137 as amended May 15, 1962, Resolution 142 authoriz-
ing and providing for the issuance of $2,600,000 improvement bonds of
1962, this Council levied an ad valorem tax in the amount of $1165100 for
the year 1961 collectibel in 1965, 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 1965 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 can-
cel 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 resolution, and shall request
that said County Auditor cancel said 1964 levy in accordance with Minnesota
Statutes, Section 175.61, Subdivision 3.
The motion for the adoption of the foregoing resolution was duly
seconded by Member Flannagan and, upon vote being taken thereon, the
following voted in favor thereof: Flannagan, Garis, Nadasdy, Schaphorst,
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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