#187 10-05-70 Authoirze Cencellation Improvement Bondsr
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Resolution No. 187 October 5, 1970
Member Jensen introduced the following resolution and MOVED its adoption:
"RESOLUTION AUTHORIZING AND DIRECTING
CANCELLATION OF 1970 LEVY FOR VARIOUS
IMPROVEMENT BONDS"
:4 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 provid-
ing for the issuance of $2,600,000 improvement bonds of 1962, this Council levied
an Ad Valorem tax in the amount of $99,800 for the year 1970, collectible in
1971, 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 $2,970,000 improve-
ment bonds of 1963, this Council levied and Ad Valorem Tax in the amount of
$22,200 for the year 1970, collectible in 1971, for the support of the Improve-
ment Bond Redemption Fund, from which said bonds were made payable and,
!a. In and by the resolution of this Council adopted on December 7,
1966, Resolution 256 authorizing and providing for the issuance of $.32,000
Improvement bonds of 1966, this Council levied an Ad Valorem Tax in the amount
of $1,500 for the 1970, collectible in 1971, for the support of the Improvement
Bond Redemption Fund, from which said bonds were made payable and,
5, In and by the resolution of this Council adopted on July 20, 1951,
authorizing and providing for the issuance of $750,000 Sf-wer Improvement No. 1
Bonds, Series A and B, this Council levied and Ad Valorem tax in the amount of
$6000 for the year 1970, collectible in 1971, for the support of the sinking
fund from which said bonds were made payable and,
6. 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 1970 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 that the Village is therefore entitled to cancel the levy for
said fund.
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Resolution No. 187
October 5, 1970
7. The Village Clerk is hereby authorized and d-irected to certify
to the County Auditor of Hennepin County, the fact of such excess in said funds,
together with a certified coot' of this resolution, and shall request that said
County Auditor cancel said 1970 levies in accordance with Minnesota Statutes,
Section 475.61, Subdivision 3.
Mayor
ATTEST"
Village C er
The motion for the adoption of the foregoing resolution was duly seconded by
Member Paulson and upon vote being taken thereon, the following voted in favor
thereof: Bies, Jensen, 'aulson, Stockman, and Teresi; and the following voted
against the same: None, whereupon said resolution was declared duly passed
and adopted, sighed by the Mayor, and his signature attested by the Village
Clerk.
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