#82-102 10-05-82 Authorize Cancellation Levy Improvement Bonds1
Resolution 82-102
October 5, 1982 419 qA
Member Johnson introduced and read the following resolution and moved its
adoption:
RESOLUTION AUTHORIZING AND DIRECTING CANCELLATION
OF 1982 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 1982, collectible in 1983, 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, 1979,
authorizing and providing for the issuance of $1,925,000 General Obligation
Redevelopment Bonds, this Council levied an Ad Valorem Tax in the amount of
$120,800 for the year 1982 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
Redevelopment Bonds, this Council levied an Ad Valorem Tax in the amount of
$158,600 for the year 1982 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 1982 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 1982 levies in accordance with Minnesota Statutes
Section 457.61, Subdivision 3.
4 2 0 Resolution 82-102 - Continued
October 5, 1982
The motion for the adoption of the foregoing resolution was seconded by Member
Mitchell and upon a 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 City
Clerk.
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