#484 10-08-68 Reduce Levey Recreation Bonds316
Resolution No. 484 October 8, 1968
Member Stockman introduced the following resolution and MOVED its
adoption:
RESOLUTION AUTHORIZING AND DIRECTING
REDUCTION OF 1968 LEVY FOR $1,325,000
RECREATION AREA BONDS OF 1967
BE IS 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 $90,700 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
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 amount in said funds which is
sufficient for the payment of all principal of and interest on the bonds
payable except $62,288 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 thereofre entitled to reduce the 1967 levy for said fund to
the amount of $62,288.
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 $62,288 in accordance with Minnesota Statutes, Section 475.61, Subd. 3.
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by Member Carlson and, upon vote being taken thereon, the following voted in
favor thereof: Bies, Carlson, Garis, Stockman 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.