#126 10-03-78 Cancell 1978 Levy Improvement BondsResolution #126
Member Johnson introduced and read the written resolution and moved its adoption:
RESOLUTION
(Authorizing and Directing Cancellation of 1978 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 in
the year 1978 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 1978 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 1978 levies in accordance with Minnesota Statutes, Section 475.61,
Subdivision 3•
I"IARY AND# 'RSON, MAYOR PRO -TEM
ATTEST:
JOHN MURPHY, CITY CLE K
Resolution #126 con't
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October 3, 1978
The motion for the adoption of the foregoing resolution was duly seconded
by Member Thorsen and upon vote being taken thereon, the following voted in
favor thereof: Anderson, Johnson, Stockman and Thorsen and the following
voted against the same: none, whereupon said resolution was declared duly passed
and adopted, signed by the Mayor Pro -tem and her signature attested by the City Clerk.
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