01-11-1984 Council Agenda - Laserfiche WebLink

Home Browse Search

$73,333 (together with investment earnings thereon and subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before June 1, 1984), (e) any collections of all taxes herein levied for the payment of the bonds; (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; and (g) upon discharge of the Prior Bonds any funds remaining in and all uncollected special assessments pledged to said 1981 Debt Service. Account. 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." 3. Paragraph 11 of the Original Resolution is hereby amended and the following paragraph shall be substituted in lieu thereof: "11. It is hereby determined that no less than 20% of the cost to the City of each improvement financed by the Prior Bonds and by the bonds herein authorized within the meaning of Minnesota Statutes, Section 475.58, Subdivision 1(3) shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by the improvements. The City hereby covenants and agrees that it will let all construction contracts not heretofore let within one year after ordering each improvement financed hereunder unless the resolution ordering the improvement specifies a different time limit for the letting of construction contracts and will do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity, in any action or proceedings taken or to be taken by the City or • this Council or any of the City officers or employees, either in the making of the assessments or in the performance of any condition precedent thereto, the City and this Council will forthwith do all further acts and take all further proceedings