#817 10-06-75 Cancel 1975 Levy Various Improvement BondsResolution No. 817
October 6, 1975
Member Anderson introduced the following resolution and MOVED its adoption:
RESOLUTION
(Authorizing and Directing Cancellation of 1975 Levy
for Various Improvement Bonds)
BE IT RESOLVED by the City 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 and the year 1975, collectible in 1976, 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 City in 1975 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 ex s in said funds,
together with a certified copy of this resolution, an as all ru st that
said County Auditor cancel said 1975 levies in acco dan with Meqi nesota
Statutes, Section 475.61, Subdivision 3.
�cx,u
Mayor
Attest:
City C erk
The motion for the adoption of the foregoing resolution was duly seconded by
Member Swartz and upon vote being taken thereon, the following members voted
in favor thereof: Anderson, Bix, Hoover, Swartz and Thorsen, 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.
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