CCAgenda_93Apr14 - Laserfiche WebLink

Home Browse Search

APR 08 '93 11 :59AM EH.ERS ASSOCIATES P.17/23 until oampletion and payment of all costs of the Improvement. The Construction Fund sb211 be used solely to defray expenses of the improvements, including but not limited to the transfer to the Bond Fund, created in Section 4.02 hereof, amounts sufficient for the payment of interest and principal, if any, due upon the Bonds prior to the completion and payment of all casts of the Improvement and the payment of the expenses incurred by the City in connection with the issuance of the Bonds. Upon completion and P'a yment of all costs of the Improvement, any balance of the proceeds of Bonds remaining in the Construction Fund may be used to pay the cost, in whole or in part, of any other improvements instituted pursuant to the Act, as directed by the City Council, but any balance of such proceeds not so used shall be credited and paid to the Bond Fund. 4.02. 1993 Improvement fond Fund So long as any of the Bonds are outstanding and any principal of or interest thereon unpaid, the City Clerk shall maintain a separate and special bookkeeping fund designated "1993 Improvement Bond Fund" (hereinafter referred to as the Bond Fund) to be used for no purpose other than the payment of the principal of and interest on the Bonds and on such other improvement bonds of the City as have been or may be directed to be paid therefrom. The City irrevocably appropriates to the Bond .mold (a) the collections of special assessments and other funds to be credited and paid thereto in accordance with the provisions of Section 4.01, (b) any taxes levied in accordance with this resolution, and (c) all such other moneys as shall be received and appropriated to the Bond Fund front time to time. If the balance in the Bond Fund is at any time insufficient to pay all interest and principal then due on all bonds payable therefrom, the payment shall be made from any fund of the City which is available for that purpose, subject to reimbursement from the Bond Fund when the balance therein is sufficient, and the Council covenants and agrees that it will each year levy a sufficient amount to take care of any accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory tax limitation. 4.03. Ad4iticnal Ilona. The City reserves the right to issue additional bonds payable from the Bond Fund as may be required to finance costs of the Improvements not financed hereby; provided that the City Council shall, prior to the delivery of such additional bonds, levy or agree to levy by resolution sufficient additional special assessments and ad valorem taxes, if any, which, together with other moneys or revenues pledged for the payment of said additional obligations, will produce revenues at least five percent (5%) in excess of the amount needed to pay when due the principal and interest on all bonds payable from the Bond Fund. The additional special assessments, ad valorem taxes and moneys or revenues so pledged, levied or agreed to be levied shall be irrevocably appropriated to the Bond Fund in the manner provided by Minnesota Statutes, Section 475.61. 404. Lev Lay_g_fipaciaLAirtsigntnia. The City hereby covenants and agrees that for payment of the cost of the Improvement it will do and perform all -14-