#266 09-29-80 Authorize Cancellation Levy Various Improvement BondsResolution #266 September 29, 1980
Member Anderson introduced and read the following resolution and moved its adoption:
RESOLUTION
AUTHORIZING AND DIRECTING CANCELLATION OF
1980 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 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 1980, collectible in 1981, 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 April 16, 1980,
authorizing and providing for the issuance of $1,925,000 General Obligation Redevel-
opment Bonds, this Council levied an Ad Valorem Tax in the amount of $141,850 for
the year 1980 for the support of the Bond Fund, from which said bonds were made
payable; and
3. In and by the Resolution of this Council adopted on May 15, 1980,
authorizing and providing for the issuance of $1,825,000 General Obligation Redevel-
opment Bonds, this Council levied an Ad Valorem Tax in the amount of $211,900 for
the year 1980 for the support of the Bond Fund, from which said bonds were made
payable; and
4. 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 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 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 1980 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.
5. 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 1980 levies in accordance with Minnesota Statues, Section 457.61,
Subdivision 3.
ROSEMARY THORSEN, MAYOR
ATTEST:
JOHN MURPHY, CrrY CLERK
Resolution #266 (continued)
The motion for the adoption of the foregoing resolution was seconded by Member
Stockman and upon vote being taken thereon, the following voted in favor thereof:
Anderson, Johnson, Mitchell, Stockman and Thorsen and the following voted against
the same: none, whereupon said resolution was declared duly passed and adopted,
signed by the Mayor and her signature attested by the Clerk.
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