85-090 - 10-01 Authorize Cancellation 1985/1986 Levy Various Improvement BondsResolution 85-90
October 1, 1985
Member Thompson introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING AND DIRECTING CANCELLATION
OF 1985/1986 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 1985, collectible in 1986, for the support of the Debt
Redemption Fund, from 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 Redevelopment Bonds, this Council levied an Ad Valorem Tax in the
amount of $210,600 for the year 1985, collectible in 1986, 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 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 $187,600 for the year 1985, collectible in 1986, for the support of
the Bond Fund, from which said bonds were made 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 Redevelopment Bonds, this Council levied an Ad Valorem Tax in
the amount of $93,300 for the year 1985, collectible in 1986, 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
from said fund becoming due and payable prior to the time when the proceeds of a
tax levied by the City in 1985 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.
6. 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 1985 levies in accordance with Minnesota Statutes
Section 475.61, Subdivision 3.
Resolution 85-90 - Continued
ATTEST:
t
Shirley N is n, City Clerk
October 1, 1985
Mary E.erson, Mayor
The motion for the adoption of the foregoing resolution via
Bakken and upon a vote being taken thereon, the following
thereof: Anderson, Bakken, Stockman and Thompson; and the
absent: Johnson, and the following voted against the same
said resolution was declared duly passed and adopted,.sign
her signature attested by the City Clerk.
s seconded by Member
voted in favor
following was
none, whereupon
ed by the Mayor and