#702 10-07-74 Authorize Levy Various Improvement Bonds'54
Resolution No. 702 October 7, 1974
Member Moberg introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING AND DIRECTING
CANCELLATION OF 1974 LEVY FOR VARIOUS
IMPROVEMENT BONDS
BE IT RESOLVED by the Village Council of the City 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 1974, collectible in 1975, for the support of
the Improvement Bond Redemption Fund, from which said bonds were made
payable and,
3. 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 1974 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 City is therefore entitled
to cancel the levy for said fund.
4. The City 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 1974 levies in accordance with Minnesota Statutes,
Section 475.61, Subdivision 3.
Mayor
Attest:
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: Anderson, Bix, Hoover, Moberg, and Riggs; 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.