93-011 - 02-02 Authorize 1992/1993 Levy Various Improvement BondsResolution 93-11
February 2, 1993
Member Johnson introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING AND DIRECTING CANCELLATION OR
REDUCTION OF 1992/1993 LEVY FOR VARIOUS IMPROVEMENT BONDS
BE IT RESOLVED by the City Council of the City of Golden Valley as follows:
1. In and by the resolution of this
authorizing and providing for the issuance
Redevelopment Bonds, this Council levied a
$267,400 for the year 1992 payable 1993, f
which said bonds were made payable; and
2. In and by the resolution of this
authorizing and providing for the issuance
Redevelopment Bonds, this Council levied a
$216,600 for the year 1992 payable 1993, f
which said bonds were made payable; and,
Council adopted on April 16, 1979,
of $1,925,000 General Obligation
n Ad Valorem Tax in the amount of
or the support of the Bond Fund, from
Council adopted on May 15, 1980,
of $1,825,000 General Obligation
n Ad Valorem Tax in the amount of
or the support of the Bond Fund, from
3. In and by the resolution of this Council adopted on August 1, 1967,
authorizing and providing for the issuance of $1,350,000 General Obligation Park
and Recreation Area Bonds, this Council levied an Ad Valorem Tax in the amount
of $74,100 for the year 1992 payable 1993, 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 September 16, 1969,
authorizing and providing for the issuance of $255,000 General Obligation Park
and Recreation Area Bonds, this Council levied an Ad Valorem Tax in the amount
of $12,516 for the year 1992 payable 1993, for the support of the bond fund,
from which said bonds were made payable; and,
5. In and by the resolution of this Council adopted on February3, 1987
authorizing and providing for the issuance of $6,325,000 General Obligation
Storm Sewer Refunding Bonds 1987C, this Council levied an Ad Valorem Tax in the
amount of $746,586 for the year 1992 payable 1993, for the support of the bond
fund, from which said bonds were made payable; and,
6. In and by the resolution of this Council adopted on June 2, 1992,
authorizing and providing for the issuance of $300,000 General Obligation
Equipment Certificates, this Council levied an Ad Valorem Tax in the amount of
$125,449 for the year 1992 payable 1993, for the support of the bond fund, from
which said bonds were made payable; and,
7. 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
the full tax levied by the City in 1992 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 or reduce
the levies for said funds as follows:
Resolution 93-11 - Continued
February 2, 1993
Issue 1992/1993 Lev
1979
$1,925,000 General Obligation Redevel. Bonds
$
-0-
1980
$1,825,000 General Obligation Redevel. Bonds
$
-0-
1967
$1,350,000 General Obligation Park Bonds
$
42,500
1969
$255,000 General Obligation Park Bonds
$
7,500
1987
$6,325,000 General Obligation Storm Sewer
Refunding Bonds
$
450,000
1992
$300,000 General Obligation Equipment Cert.
$
73,200
8. 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 or reduce said 1992 levies in accordance with Minnesota
Statutes Section 457.61, Subdivision 3.
ATTEST:
Shirley J elson, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Thompson; and upon a vote being taken thereon, the following voted in favor
thereof: Bakken, Johnson, Russell, Stockman and Thompson; and the following
voted against the same: none, whereupon said resolution was declared duly passed
and adopted, signed by the Mayor and his signature attested by the City Clerk.