#120 10-05-65 Authorize Cancellation of Levy and Improvement BondsResolution No. 120
October 5, 1965
Member Teresi introduced the following resolution and moved its
adoption:
RESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1965 LEVY FOR
$2,6003000 IMPROVEMENT BONDS OF 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 authorizing and
providing for the issuance of $23600,000 improvement bonds of 1962, this
Council levied an ad valorem tax in the amount of $111,300 for the year
1965 collectible in 1966, 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 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
Statutes, Section 475.61, Subdivision 3.
Mayor
Attest:
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.
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