Resolution 0454 - Laserfiche WebLink

Home Browse Search

20 annual installments collectible with general taxes of the Village in consecutive years with interest at the rate of 8% per annum. To the first installment shall be added interest on the entire assessment on such property from the date of adoption thereof until December 31 of the year in which the first installment is payable, and to each subsequent installment shall be added interest for one year on the then unpaid balance of the assessment. All moneys collected therefrom shall be and are hereby appropriated to said bond fund. 6. Pursuant to the provisions of Section 444.075, Minnesota Statutes, as amended, the Village of Mounds View hereby covenants and agrees with the holders from time to time of the bonds herein authorized that so long as any of the bonds are outstanding, the Village will impose and collect reasonable charges for the service, use and availability of said water utility to the Village and its inhabi- tants according to schedules sufficient to produce net revenues sufficient, to- gether with collections of the special assessments referred to in paragraph 5 hereof, to pay all principal and interest when due on said bonds, and said net revenues, to the extent necessary, are hereby irrevocably pledged and appropriated to the payment of said bonds and interest thereon. Provided, that nothing herein shall preclude the Village from hereafter making further pledges and appropriations of net revenues of the water utility for payment of additional obligations of the Village hereafter authorized if the Village Council determines before the authoriza- tion of such additional obligations that the estimated net revenues of the water utility will be sufficient, together with any other sources pledged to the payment of the outstanding and additional obligations, for payment of the bonds herein authorized and such additional obligations. Such further pledges and appropria- tions of said net revenues may be made superior or subordinate to or on a parity with the pledge and appropriations herein made. 7. For the prompt and full payment of the principal of and interest on said bonds as the same respectively become due, the full faith, credit and taxing powers of the Village shall be and are hereby irrevocably pledged. To provide moneys for the payment thereof, to the extent and in the event that the net revenues hereinabove pledged to payment of the bonds are insufficient for that pur- pose in any year, there is hereby levied upon all of the taxable property in the Village a direct, annual, ad valorem tax which shall be spread upon the tax rolls for the years and in the amounts as follows, and collected with and as a part of other general taxes of the Village in the respective ensuing years: Year Amount Year Amount Year Amount (See attached sheet, page 8.1) -8-