#426 10-02-72 Cancel Levy Various Improvement BondsD
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Resolution No. 426
October 2, 1972
Member Ulstad introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING AND DIRECTING
CANCELLATION OF 1972 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 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 1972, collectible in 1973, 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 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
$7,500 for the year 1972, collectible in 1973, for the support of the sinking
fund from which said bonds were made payable and,
4. 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 1972 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.
5. 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 1972 levies in accordance with Minnesota
Statutes, Section 475.61, Subdivision 3.
Mayor
Attest:
eZi✓t
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 members voted
in favor thereof: Hoover, Paulson, Riggs, Stockman, 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 Clerk.