#103 10-02-79 Authorize Levy Improvement BondsResolution #103
October 2, 1979
Member Johnson introduced and read the written resolution and moved its adoption:
RESOLUTION
AUTHORIZING AND DIRECTING CANCELLATION OF
1979 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 1979, collectible in 1980, for the support of the Improvement Bond Redemp-
tion Fund, from which said bonds were made payable, and;
3. In and by the same resolution this Council also reserved the right and
power to reduce said levies in accordance with the provisions of Minnesota Statues
Section 457.61. 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 be-
coming 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 suc xcess in said funds, together
with a certified copy of this resolution, andsh 1 equest that said County Auditor
cancel said 1979 levies in accordance with Minn of Statutes, Section 475.61,
Subdivision 3. //
OBERT R. HOOVER, MAYOR
ATTEST:
i
JOHN MURPHY CITY CLERK
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, Hoover, Johnson, Stockman and Thorsen and the following voted against
same: none, whereupon said resolution was declared duly passed and adopted,
signed by the Mayor and his signature attested by the City Clerk.