#446 10-06-64 Authorize Cancellation Levy Improvements Bonds4
Resolution No. 446 October 6, 1961
Member Schaphorst introduced and read the following resolution and
MOVED its adoption:
RESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1964 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 6,
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 $23,300 for the year 1964, collectible 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
cancel the 1964 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 475.61, Subdivision 3•
Mayor
Attest:
Village Clerk
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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