#087 10-05-76 Cancel Levy Various Improvement Bonds260
Resolution No. 87 October 5, 1976
Member Anderson introduced the following resolution and MOVED its adoption:
RESOLUTION
(Authorizing and Directing Cancellation of 1976 Levy
for Various Improvements 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 and 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 $4329000 Improvement Bonds of 19669 this Council levied an Ad Valorem
tax in the amount of $1,500 in the year 1976, collectible in 1977, 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 1976 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 resolu io , and shall request
that said County Auditor cancel said 1976 leviesi acc rdance �yith Minnesota
Statutes, Section 475.619 Subdivision 3. % /
ATTEST:
IL ��-
Mary H. Marske, City Clerk
Robert R. Hoover, Mayor
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Resolution No. 87 (cont.) October 5, 1976
The motion for the adoption of the foregoing resolution was
duly seconded by Member Thorsen and upon vote being taken thereon, the
following members voted in favor thereof: Anderson, Hoover, Johnson,
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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