#237 10-04-66 Authorize Levy and Improvement Bonds363
Resolution No. 237
October 4, 1966
Member Garis introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING AND
DIRECTING CANCELLATION OF 1966 LEVY FOR
$2,975,000 I14PROVE1'2ENT 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 X2,975,000
improvement bonds of 1963, this Council levied an ad valorem Tax in the amount
of X23,000 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 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 1967 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 1966 levy for said fund.
2. The Village Clerk is hereby authorized and directed to certify to the
Councy 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.
TfIayo r
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by Tiember Flannagan and, upon vote being taken thereon, the following voted in
favor thereof: Flannagan, Garis, Nadasdy, Stockman, and Teresi; and the
following voted against the same: None, whereupon said resolution was declared
duly passed and adopted, signed by the T.iayor and his signature attested by the
Village Clerk.