#358 10-03-67 Authorize Levy Various Improvement Bonds0
Resolution No. 358 October 3, 1967
Member Bies introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING AND DIRECTING
CANCELLATION OF 1967 LEVY FOR VARIOUS
IMPROVEMENT BONDS
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 October 6,
1959, authorizing and providing for the issuance of $825,000 Improvement
Bonds of 1959, this Council levied an ad valorem tax in the amount of $1,200
for each of the years 1960 through 1979 for the support of the Improvement
Bond Redemption Fund, from which said bonds were made payable and
2. In and by the resolution of this Council adopted on May 10, 1962,
Resolution 137 as amended May 15, 1962, Resolution 142 authorizing and pro-
viding for the issuance of $2,600,000 improvement bonds of 1962, this Council
levied an ad valorem tax in the amount of $126,000 for the year 1967 collect-
ible in 1968, for the support of the Improvement Bond Redemption fund from
which said bonds were made payable and,
3. In and by the resolution of this Council adopted on August 6,
1963, Resolution 289 authorizing and providing for the issuance of $2,97,000
improvement bonds of 1963, this Council levied an ad valorem Tax in the
amount of $22,800 for the jrdar 1967, collectible in 1968 for the support
of the Improvement Bond Redemption Fund, from which said bonds were made
payable and,
4. In and by the same resolutions 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 1968
would be received, and that no payments of principal or interest on any
of the bonds payable from said funds are past due or delinqueht, and that
the Village is therefore entitled to cancel the levy for said fund.
5. The Village Clerk is hereby authorized and directed to certify
to the County Auditor of Hennepin County, the fact of such excess in said
funds, together with a certified copy of this resolution; and shall re-
quest that said County Auditor cancel said 1967 levies in accordance with
Minnesota Statues, Section 175.61, Subdivision 3.
Attest:
717agt C.LerK