#085 10-07-69 Authorize Levy Various Improvement Bonds113
Resolution No. 85 October 7, 1969
"RESOLUTION AUTHORIZING AND DIRECTING
CANCELLATION OF 1969 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 v_.alorem 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 siad bonds were made
payable r:,nd,
2. In and by the resolution of this Council adopted on May
10, 1962, Resolution 137 as amended May 15, 1962, Resolution 112 authorizing
and providing for the issuance of $2,600,000 improvment bonds of 1962,
this Council levied an.ad valorem tax in the -.amount of $100,400 for the
year 1969 collectible in 1970, for the support of the Improvement Bondd
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 and ad
valorem Tax in the amount of $22,500 for the yearl 1969, collectilbe in
1970 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 is-
suance of $432,000 Improvement bonds of 1966, this Council levied an
ad valorem Tax in the amount of $1,500 for the 1969, collectible in
1970 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 re-
served 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
ind -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 end payable prior to the time when the proceeds of atax levied by
the Village in 1969 would be received, and that no payments of principal
or interest on any of the bonds payable from said funds are past due or
delinquent, and th+.t 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 1969 levies in
accordance with Minnesota Statutes, Section 475.61, Subdivision 3.
`��I�a�
Cliff Teresi, Mayor
ATTEST:
Helen Penniman, Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by Member Bies and, upon vote being taken thereon, the following voted in
favor thereof: Bies, Garis, Jensen, Stockman, and Teresi; and the fol-
lowing voted against the same: None, whereupon said resolution was de-
clared duly passed and adopted, signed by the Mayor, and his signature
attested by the Village Clerk.
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