2023-057 - Laserfiche WebLink

Home Browse Search

from the general fund of the City, and the general fund will be reimbursed for the advances out of the proceeds of Water Net Revenues of the Water System and taxes when collected. 4.02. Construction Fund. The City hereby creates the General Obligation Improvement and Utility Revenue Bonds, Series 2023A Construction Fund (the "Construction Fund") to be administered and maintained by the Administrator as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The City will maintain the following accounts in the Construction Fund: the "Assessable Improvements Account," the "Sewer Improvements Account," and the "Water Improvements Account" Amounts in the Assessable Improvements Account will be used to construct the Assessable Improvements, amounts in the Sewer Improvements Account will be used to construct the Sewer Improvements and amounts in the Water Improvements Account will be used to construct the Water Improvements. (a) Assessable Improvements Account. Proceeds of the Assessable Improvement Bonds, less the appropriations made in Section 4.01(a) hereof, together with any other funds appropriated for the Assessable Improvements and the Assessments and Taxes collected during the construction of the Assessable Improvements, will be deposited in the Assessable Improvements Account of the Construction Fund to be used solely to defray expenses of the Assessable Improvements and the payment of principal of and interest on the Assessable Improvement Bonds prior to the completion and payment of all costs of the Assessable Improvements. Any balance remaining in the Assessable Improvements Account after the Assessable Improvements are completed and the cost thereof have been paid may be used to pay the cost in whole or in part of any other improvement instituted under the Improvement Act under the direction of the City Council or may be used as provided in Minnesota Statutes, section 475.65, under the direction of the City Council. Thereafter, the Assessable Improvements Account of the Construction Fund is to be closed and any balance remaining therein and any subsequent collections of the Assessments and Taxes for the Assessable hnprovements are to be deposited in the Assessable Improvements Account of the Debt Service Fund. (b) Sewer Improvements Account. Proceeds of the Sewer Improvement Bonds, less the appropriations made in Section 4.01(b) hereof, will be deposited in the Sewer Improvements Account of the Construction Fund to be used solely to defray expenses of the Sewer Improvements. Any balance remaining in the Sewer Improvements Account after the Sewer Improvements are completed and the cost thereof have been paid may be used as provided in Minnesota Statutes, section 475.65, under the direction of the City Council. Thereafter, the Sewer Improvements Account of the Construction Fund is to be closed and any balance remaining therein is to be deposited in the Sewer hnprovements Account of the Debt Service Fund. (c) Water Improvements Account. Proceeds of the Water Improvement Bonds, less the appropriations made in Section 4.01(c) hereof, will be deposited in the Water Improvements Account of the Construction Fund to be used solely to defray expenses of the Water Improvements. Any balance remaining in the Water Improvements Account after the Water Improvements are completed and the cost thereof have been paid may be used as provided in Minnesota Statutes, section 475.65, under the direction of the City Council. LA515-123-868187.0