#086 10-03-77 Authorize Cancellation Improvement BondsResolution No. 86
October 3, 1977
Member Thorsen introduced the following resolution and moved its adoption:
RESOLUTION
(Authorizing and Directing Cancellation of 1977 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 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 in ,
the year 1977, collectible in 1978, 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 resolution, and shall request that said County
Auditor cancel said 1976 levies in accordance with Minne Statutes, Section
475.61, Subdivision 3.
ATTEST:
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John Murphy, tity Clerk
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Robert R. Hoover, Mayor
Resolution No. 86 (con't)
October 3, 1977
The motion for the adoption of the foregoing resolution was duly seconded
by Member Anderson 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
decalred duly passed and adopted, signed by the Mayor, and his signature attested
by the City Clerk.
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