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84-108 - 10-02 - Cancellation 1984 Levy Various Improvement Bonds Resolution 84-108 October 2, 1984 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING AND DIRECTI�dG CANCELLATIOt� OF 1984 LEVY FOR VARIOUS IMPROVEP1ENT BOflDS 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 Decer�ber 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 1984, collectible in 1985, for the support of the Improver�ent Bond Reder�ption Fund, fror� which said bonds were made payable; and 2. In and by the resolution of this Council adopted on April 16, 1979, Resolution #43, authorizing and providing for the issuance of $1 ,925,000 General Obligation Redevelopr�ent Bonds, this Council levied an Ad Valorem Tax in the amount of $199,700 for the year 1984 for the support of the Bond Fund, fror� which said bonds were riade payable; and 3. In and by the resolution of this Council adopted on May 5, 1980, Resolution #204, 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 $175,200 for the year 1984 for the support of the Bond Fund, fror� which said bonds were r�ade payable; and 4. In and by the resolution of this Council adopted on November 15, 1983, Resolution #83-102, authorizing and providing for the issuance of $780,000 General Obligation Redevelopr�ent Bonds, this Council levied an Ad Valorer� Tax in the amount of $89,400 for the year 19E4 for the support of the Bond Fund, from which said bonds were made payable; and 5. 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 and interest on the bonds payable fror� said fund becor�ing due and payable prior to the time when the proceeds of a tax levied by the City in 1984 would be received and that no payments of principal or interest on any of the bonds payable fror� said funds are past due or delinquent, and that the City is therefore entitled to cancel the levy for said fund. 6. The City Clerk is hereby authorized and di rected 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 1984 levies in accordance with �1innesota Statutes Section 475.61 , Subdivision 3. Resolution 84-108 - Continued October 2, 1984 � ' °t � � � ��� �� r 1ary E n erson, ayor ATTEST: .<:��lt,{;';.��a.�, /'���''3-t^�^i Shirley Ne on, City Clerk The r,iotion for the adoption of the foregoing resolution was seconded by P1ember Bakken and upon a vote being taken thereon, the following voted in favor thereof: Anderson, Bakken, Johnson, Stockman and Thompson, and the follo�ving voted against the sar�e: none, whereupon said resolution was declared duly passed and adopted, signed by the �1ayor and her signature attested by the City Clerk.