#281 10-04-71 Authorize Cancellation Levy For Various Improvement Bonds94
Resolution No. 281 October 4, 1971
Member Ulstad introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING AND DIRECTING
CANCELLATION OF 1971 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, 19623
Resolution 137 as amended May 15, 1962, Resolution 142 authorizing and providing
for the issuance of $2,600,000 improvement bonds of 1962, this Council levied
an Ad Valorem tax in the amount of $97,200 for the year 1971, collectible in
1972, for the support of the Improvement Bond Redemption Fund from which said
bonds were made payable and,
�i 3. In and by the resolution of this Council adopted on August 6, 1963,
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Resolution 289 authorizing and providing for the issuance of $2,970,000 improve-
ment bonds of 1963, this Council levied an Ad Valorem Tax in the amount of
$22,000 for the year 1971, collectible in 1972, for the support of the Improve-
ment 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 $1132,000 Improvement
Bonds of 1966, this Council levied an Ad Valorem Tax in the amount of $1,500
for the year 1971, collectible in 1972, 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, 1954,
authorizing and providing for the issuance of $750,000 Sewer Improvement No. 1
Bonds, Series A and B, this Council levied an Ad Valorem Tax in the amount of
$6,500 for the year 1971, collectible in 1972, 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 1971 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.
95,
Resolution No. 281 October 4, 1971
7. 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 1971 levies in accordance with Minnesota Statutes,
Section 477.61, Subdivision 3.
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Member Hoover, and upon vote being taken thereon, the following voted in favor
thereof: Hoover, Stockman, Teresi, and Ulstad; 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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