#447 10-06-64 Authorize Cancellation Levy Improvements Bonds441
Resolution No. !�l�7 October 6, 1964
Member Schaphorst introduced and read the following resolution and
MOVED its adoption:
RESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1964 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 6,
1959, authorizing and providing for the issuance of $825,000 Improvement
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 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
from said fund becoming due and payable prior to the time when the pro-
ceeds 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 en-
titled to cancel the 1963 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 1963 levy in accordance with Minnesota
Statutes, Section 475.61, Subdivision 3.
r
Attest:
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.