#236 10-04-66 Authorize Cancellation Levy and Improvement Bonds362
Resolution No. 236 October 4, 1966
Member Garis introduced the following; resolution and MOVED its
adoption:
P,ESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1964 LEVY FOR
$236005000 IMPROVEMENT BONDS FOR 1962
BE IT RESOLVED by tate Village Council of the Village of Golden Valley,
Minnesota, as follows:
1. In and by the resolution of this Council adopted on 1,4ay 10, 1962,
Resolution 137 as amended May 15, 1962, Resolution 142 authorizing and
providing for the issuance of ;x2,600,000 improvement bonds of 1962, this
Council levied an ad valorem tax in the amount of X128,300 for the year
1966 collectible in 1967, 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 1967 would be received, and that no payment of principal or
interest on any of the bonds payable from said fund is past due ordelinquent,
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 1966 levy in accordance with Minnesota
Statutes, Section 475.61, Subdivision 3•
Mayor
Attest:
` GPS
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 against the same: None, whereupon said resolution was declared duly
passed and adopted, signed by the Mayor, and his signature attested by
the Clerk.
D