CCRes_82-45 - Laserfiche WebLink

Home Browse Search

unexpended balance in the Construction Account, the balance • (other than any special assessments) may be transferred by the Council to the fund of any other improvement instituted pursuant to Minnesota Statutes, Chapter 429; and provided further that any special assessments credited to the Construction Account are hereby pledged and shall be used only to pay principal and interest due on the bonds. There is - hereby pledged and there shall be credited to the Debt Service Account (a) all collections of special assessments herein covenanted to be levied and either initially credited to the - Construction Account and required to pay any principal and in- terest due on the bonds or collected subsequent to the com- pletion of the improvements and payment of the costs thereof; (b) all accrued interest received upon delivery of the bonds, (c) all funds paid for the bonds in excess of $661,775, (d) capitalized interest in the amount of $ 29,351.25 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before December 1, 1983), (e) any collections of all taxes which may hereafter be levied in the event that the special assessments herein pledged to the payment of the principal and interest on the bonds are insufficient therefor; and (f) all funds remaining in the Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the account of another improvement, provided, however, that upon termination of the Debt Service Account all collections of such special assessments herein covenanted to be levied and any • other sums pledged and appropriated to the Debt Service Account and not used for the payment of said temporary bonds and interest shall be pledged and credited to the extent necessary to the Debt Service Account of any definitive bonds issued to pay in whole or part said temporary bonds. The Debt Service Account herein created shall be used solely to pay the principal and interest and any premiums for redemption of the bonds issued hereunder and any other general obligation bonds of the City hereafter issued by the City and made payable from said account as provided by law- Any sums from time to time held in the Debt Service Account (or any other City account which will be used to pay principal or interest to become due on the bonds) in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments. .