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MO522-C Page 202 .23 Subd. 3 . Transfer of Assessments Not Cancelled or Refunded: Any such assessments not cancelled under subdivision 1 above or not refunded under subdivision 2 above shall be transferred to the General Fund or the Public Improvement Revolving Fund established in Section 203 . 02 of this Title if not needed to pay costs of the improvement and if not held in a debt redemption fund. ( 1988 Code §26 .21) 202 . 19 : FINANCING OF IMPROVEMENTS: Subd. 1. Authority to Issue Obligations: At any time after one or more improvements are ordered as contemplated in Section 202 .07 of this Chapter, the Council may issue obligations in such amounts as it deems necessary to defray, in whole or in part, the expense incurred and estimated to be incurred in making the improvements, including every item of cost of the kinds authorized in Minnesota Statutes 475.65 . In the event of any omission, error or mistake in any of the proceedings required by this Chapter or by the Home Rule Charter precedent to the ordering of any improvement', the validity of the obligations shall not be affected thereby. Subd. 2 . Due Diligence Responsibility of Council: The Council shall cause all further actions and proceedings to be taken with due diligence that are required for the construction of each improvement financed wholly or partly from the proceeds of obligations and issued hereunder and for the final and valid levy of special assessments and the appropriation of any other funds needed to pay the obligations and interest thereon when due. Subd. 3. Types of Obligations Permitted: a. Improvement Bonds: The Council may, by resolution adopted prior to the sale of obligations, pledge the full faith, credit and taxing power of the Municipality for the payment of the principal and interest. Such obligations shall be called improvement bonds, and the Council shall pay the principal and interest out of any fund of the Municipality when the amount credited to the specified fund is insufficient for the purpose and shall each year levy a sufficient amount to take care of accumulated or anticipated deficiencies, which levy shall not be subject to any statutory or Charter tax limitation2. b. Improvement Warrants: Obligations for the payment of which the full faith and credit of the Municipality is not pledged shall be called improvement warrants and shall contain a promise to pay solely out of the proper special fund. It shall be the duty of the City Finance Director/Treasurer to pay maturing principal and interest on warrants out of funds on hand in the proper special fund and not otherwise. 1. See Charter Chapter 8. 2 . See Charter Section 7 .03 for taxation provisions. 1