#485 10-08-68 Cancel Levy Various Improvement BondsResolution No. 485
October 8, 1968
Member Garis introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING AND DIRECTING
CANCELLATION OF 1968 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
providing for the issuance of $2,600,000 improvement b onds of 1962, this,
Council levied an ad valorem tax in the amount of $123,700 for the year
1968 collectible in 1969, 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 $2,975,000
improvement bonds of 1963, this Council levied an ad valorem Tax in the
amount of $22,700 for the year 1968, collectible in 1969 for the support
of the Improvement Bond Redemption Fund, from which said bonds were made
payable and,
4. In and by the resolution of this Council adopted on December 7,
1966, Resolution 256 authorizing and providing for the issuance of $432,000
improvement bonds of 1966, this Council levied an ad valorem Tax in the
amount of $1,500 for the year 1968, collectible in 1969 for the support of
the Improvement Bond Redemption Fund, from which said bonds were made
payable and,
5. 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 `,P eats of principal or interest on any
of the bonds payable from said funds are past due or delinquent, and that
the Village is therefore entitled to cancel the levy for said fund.
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6. 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 request that said County Auditor cancel said 1967 levies in
accordance with Minnesota Statutes, Section 475.61, Subdivision 3.
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by Member Stockman and, upon vote being taken thereon, the
following voted in favor thereof; Bies, Carlson, Garis, Stockman, 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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