#121 10-05-65 Authorize Cancellation of Levy and Improvement Bonds186
Resolution No. 121
October 5, 1965
Member Teresi introduced the following resolution and moved its
adoption:
RESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1965 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 $23,100 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 175.61. 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
Statutes, Section 475.61, Subdivision 3.
Mayor
Attest:
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Village Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by Member Schaphorst, and upon vote being taken thereon, the follow-
ing 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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