#357 10-03-67 Authorize Levy and Bonds Recreational Area1
Resolution No, 357 October 3, 1967
Member Teresi introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING AND DIRECTING
REDUCTION OF 1967 LEVY FOR $1,325,000
RECREATION AREA BONDS OF 1967
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 1,
1967, Resolution authorizing and providing for the issuance of $1,325,000
Recreation Area Bonds of 1967, this Council levied an ad valorem Tax in
the amount of $1110,100 for the year 1967, collectible in 1968 for the
support of the Recreation Area Bond Sinking Fund, from which said bonds
were made payable but in and by the same resolution this Council also re-
served the right and power to reduce said levies in accordance with the
provisions of Minnesota Statutes, Section 1175.61. It is hereby found
and determined that there is on hand an amount in said funds which is
sufficient for the payment of all principal of and interest on the bonds
payable except $50,000 from said fund becoming due and payable prior to
the time when the proceeds of a tax levied by the Village in 1968 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 reduce the 1967 levy for said fund to
the amount of $50,000.
2. The Village Clerk is hereby authorized and directed to certify
to the County Auditor of Hennepin County, the fact of such amount avail-
able in said fund, together with a certified copy of this resolution,and-
shall request that said County Auditor reduce said 1967 levy to the sum
of $50,000 in accordance with Minnesota Statutes, Section 1175.61, Subd. 3.
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by Member Garis and, upon vote being taken thereon, the following voted in
favor thereof: Bies, Garis, Nadasdy, 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 Village
Clerk.
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