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MO522-C Page 202 .24 <br /> c. Temporary Improvement Bonds: <br /> (1) In anticipation of the issuance of improvement bonds, the <br /> Council may, by resolution, issue and sell temporary improvement <br /> bonds maturing within not more than three (3) years from their <br /> date of issue to pay any part or all of the cost of one or more <br /> improvements . <br /> (2) To the extent that the principal of and interest on the <br /> temporary improvement bonds cannot be paid when due from receipts <br /> of special assessments, taxes or other funds appropriated for the <br /> purpose, they shall be paid from the proceeds of improvement <br /> bonds or additional temporary improvement bonds which the Council <br /> shall offer for sale in advance of their maturity, but the <br /> indebtedness funded by an issue of temporary improvement bonds <br /> shall not be extended by the issue of additional temporary <br /> improvement bonds for more than six (6) years from the date of <br /> the first issue. <br /> (3) The holders of any temporary improvement bonds shall have and <br /> may enforce, by mandamus or other appropriate proceedings, all <br /> rights respecting the levy and collection of sufficient special <br /> assessments and taxes to pay the cost of the improvements <br /> financed by them which are granted by law to holders of <br /> improvement bonds, except the right to require the levies to be <br /> collected prior to the maturity of the temporary improvement <br /> bonds . <br /> (4) If any temporary improvement bonds are not paid in full at <br /> maturity, the holders may require the issuance in exchange for <br /> them, at par, of new temporary improvement bonds maturing within <br /> one year from their date of issue (but not subject to any other <br /> maturity limitation) and bearing interest at the maximum rate <br /> permitted by law. <br /> Subd. 4 . Issuance of Improvement Bonds: <br /> a. All obligations shall be issued in accordance with the <br /> provisions of the Charter and Minnesota Statutes 475; except, <br /> that an election shall be required for bonds if less than twenty <br /> percent (20%) of the cost of the improvement to the Municipality <br /> is to be assessed against benefited property. <br /> b. The maturities shall be such as, in the opinion of the <br /> Council, are warranted by the anticipated collections of <br /> assessments and ad valorem levies for the City's share of the <br /> cost; except, that the Council may, in its discretion, issue and <br /> sell temporary improvement bonds at any time prior to completion <br /> of the work to be financed, maturing within not more than three <br /> (3) years from their date of issue, in which event, the <br /> Municipality shall be obligated to pay such bond and the interest <br /> thereon out of the proceeds of definitive improvement bonds which <br /> the Council shall issue and sell at or prior to the maturity of <br /> the temporary bonds, to the extent that the same cannot be paid <br /> out of the assessments and taxes theretofore collected or out of <br /> any other Municipal funds which are properly available and <br />