#119 10-05-65 Authorize Cancellation of Levy and Improvement Bonds184
Resolution No. 119 October 5, 1965
Member Teresi introduced the following resolution and moved its
adoption:
RESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1965 LEVY FOR
$825,000 IMPROVEMENT BONDS OF 1959
BE IT RESOLVED by the Village Council of the Village of Golden
Valley, Kinnesota 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 and 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 prior to the time when
the proceeds of a tax levied by the Village in 1966 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 1965 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 1965 levy in accordance with Minnesota
Statues, Section 475.61, Subdivision 3.
Mayor
Attest:
CSX
Village Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by Member Schaphorst and, upon vote being taken thereon, the
following voted in favor thereof: 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.