#107 10-15-79 Authorize Cancellation General Obligation RedevelopmentResolution #107
11
October 15, 1979
Member Johnson introduced and read the written resolution and moved its adoption:
RESOLUTION
Authorizing and Directing Cancellation of
1979 Levy for General Obligation Redevelopment
BE IT RESOLVED BY THE City Council of the City of Golden Valley, Minnesota,
as follows:
I. In and by the resolution of this Council adopted on April 16, 1979, auth-
orizing and providing for the issuance of $1,925,000 General Obligati -n Redevelop-
ment Bonds, this Council levied an Ad Valorem Tax in the amount of $194,850 for the
year 1979 for the support of the Bond Fund, from which said bonds were made payable,
and
2. The records of the City Clerk show a balance in said Bond Fund in the
amount of $362,651.01 at October 1, 1979 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 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 ^rior to the time when the proceeds of a tax levied by the City in
1979 would be received and that no payments of principal or interest on any of the
bonds payable from said funds are past due or deliqnuent, 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 1979 Levies in accordance with Minnesota Statutes, Section 475.61, Sub-
division 3. 1__')
ROBERT R. HOOVER, MAYOR
ATTEST:
JOHN MURPHY' CITY CLERK
The motion for the adoption
Stockman and upon vote being
of the foregoing resolution was duly seconded by Member
taken thereon, the following members voted in favor
thereof:
Anderson, Hoover,
Johnson and Stockman 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.