86-072 - 10-07 authorizing Cancellation of 1987/1988 Levy for Improvement Bonds Resolution 86-72 October 7, 1986
Member Johnson introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING AND DIRECTING CANCELLATION
OF 1987/1988 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 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 $215,200 for the year 1986, collectible in 1987, for the support of
the Bond Fund, from which said bonds were r�ade payable; and
2. In and by the resolution of this Council adopted on r�ay 5, 1980,
Resolution #204, authorizing and providing for the issuance of $1,825,000 General
Obligation Redevelopment Bonds, this Council levied an Ad Valore� Tax in the
amount of $188,700 for the year 1986, collectible in 1987, 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 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 $96,800 for the year 1986, collectible in 1987, 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 pravisions of P�innesota
Statutes Section 475.61. It is hereby found and determined that there is on
hand, an excess amount in said funds ove r 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 1986 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 therefiore 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 1986 levies in accordance with Minnesota Statutes
Section 475.61, Subdivision 3.
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Mary . derson, Mayor
ATTEST:
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u Na ly, Deput City Clerk
Resolution 85-72 - Continued October 7, 1986
The motion 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 following
voted against the same: none, whereupon said resolution was declared duly
passed and adopted, signed by the Playor and her signature attested by the Deputy
City Clerk.