10-04-1995 Charter Packet Supplement

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LOCAL IMPROVEMENTS, SPECIAL ASSESSMENTS 429.091 659 in this . A arate part, of any other improvement institutedto expenditures fop each accountt shall be maintained in the construction fund to re improvement, and when the total cost thereof has b ennll paid creditedallsus and paiollections proveprovided in of special assessments levied for the improvement tions issued to finance the improvement, as debt service fund for the ilvied for i provements finan ed by an issue of obliga- tionstn section 47 5.61. Any taxes shall be credited directly to the debt e vices. fund. of the issuance of Subd. 5. Temporary impr ovement improvement bonds, the council may by resolution issue and sell temporary improve- ment bonds maturing within not more than three years from their date of issue to pay anr all of the cost of one or more improvements. cannot be paid when due from of part o and interest on the temp orary improvement bondsu ose, from of they receipts of special assessments, taxes, or other funds appropriated for the prP shall be paid from the proceeds of imp ovement offer for sale ice dvance of theirmaturity improvement bonds which the council shallimprovement bonds shall not be but the indebtedness funded by an issue of temporary rvement bonds for more than six extended by the issue of additional temporary improvement bonds years from the date of the first issue. The holders of any temporary imp respecting have ande may enforce, by mandamus or other appropriate proceedings, all rights which are granted by law to holders of the respecting the levy and collection of sufficient special assessments and taxes to pay the cost of the improvements e financed by improvement bonds improvement bonds, except the right to require the tempo temporary collected parr to P improvement bonds. maturity of the temporary require the issuance in exchangefor improvement bonds maturing within one year from are not paid in full at maturity, lamp rovers may and bearing them, at apar, of new temp other maturity limitation), their date of issue (but not subject to any be inter- est at the maximum rate permitted by provisions Subd. 6. Investment of other municipalobonds in accordance with the municipality may only invested in its temporary improvement bpurchased o y sec- tion 471.56, and may be purchased upon their initial issue, but shall be p purposes before If pur- chased maturity which theshall council dresoldibeforewill maturity only in case of emergency. bonds may the sedfrom date, and shall beimprovement holders ofthose bonds may chased from a debt service fund securing ns on the bonds, temporary holders of t he enforce the municipality's obligations improvement bonds. byres- olution manner as if they held the temporary Subd. 7. General obligation temporary improvement bonds. The council ed emay es- to the sale of any temporary improvement bonds p g full olution adopted priorpayment of the principal and faith, credit, and taxing power of the municipality for the their curtn temporary improvement st in addition to all provisions made for security in subdivision 5. In this interest, event the bonds shall be designated as general bonds, and the council shall levy taxes for their payment in accordance with section 475.61. Proceeds of improvement bonds or temp orary improvement bonds not yet sold may be treated as pledged revenues, in reduction o of the tax ox otherwise required by sec- tion 475.61 to be levied prior to delivery r b resolution establish a revoly- Subd. 7a. Revolving fund bonds. The coumprovement or any waterworks systems, may ing fund for the payment of the costs of any sewer systems, or storm sewer systems described thereof section to 444.075obligationsanfrtespay- Ythe c con- ued struction of any obligations issued to pay stfor ctio purpo ses. The council may create within the revolving fund a separateobliga- tions proceeds of any special assessments collected with deposit the proceeds ofany struction account from the fund, the he municipality may P storm pt to any net revenues of a waterworks, sewer system, or respect to improvement, any other available funds of the munici- pality in the construction account may be used sewery system describeddtoit. insection on de or any r storm sewer to pay appropriated any Amounts on deposit sewer system, to the costs of improvement or any system described in section 444.075. No funds may be expended for an improvement