#462 12-04-72 Closing Sinking Funds1
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Resolution No. 462
December 4, 1972
Member Hoover introduced the following resolution and MOVED its adoption:
RESOLUTION CLOSING SINKING FUND
WHEREAS, The Village of Golden Valley did, at the times of issuance of
certain special assessment bonds, create certain Sinking Funds to receive the
proceeds of special assessments and to pay principal and interest on the bonds
so issued, and,
WHEREAS, payment has been made for all bonds payable from the Trunk Sewer
No. 2 Sinking Fund, the Lateral Sewer No. 1 Sinking Fund and Third Series of
1957 Sinking Fund and the interest thereon to date of maturity and/or call, and,
WHEREAS, the Council is desirous of closing said Sinking Funds,
NOW THEREFORE, BE IT RESOLVED, that the Village Treasurer is hereby
authorized and directed to sell to the Debt Redemption Sinking Fund any and
all investments in Village of Golden Valley securities held by these funds at
cost plus accrued interest at December 31, 1972, and
BE IT FURTHER RESOLVED, that the Village Treasurer is authorized and
directed to transfer all assets of the Trunk Sewer No. 2 Sinking Fund, the
Lateral Sewer No. 1 Sinking Fund and the Third Series of 1957 Sinking Fund to
the Public Works Reserve Fund as of December 31, 1972.
Attest:
Village Clerk
May
The motion for the adoption of the foregoing resolution was duly seconded by
Member Stockman, 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 Village Clerk.