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MO522-C Page 202 .25 <br /> appropriated by the Council for such purpose. <br /> c. The holders of such temporary bonds and the taxpayers of the <br /> City shall have and may enforce, by mandamus or other appropriate <br /> proceedings, all rights respecting the levy and collection of <br /> sufficient assessments and taxes to pay the cost of the <br /> improvements financed thereby which are granted by law to holders <br /> of other improvement bonds, except the right to require such <br /> levies to be collected prior to the maturity of the temporary <br /> bonds, and shall have the additional right to require the <br /> offering of said definitive improvement bonds at public sale or, <br /> if such bonds have not been sold and delivered prior to the <br /> maturity of the temporary bonds, to require the issuance <br /> exchange therefor, on a par-for-par basis, of either new <br /> temporary bonds or definitive bonds, bearing interest at the <br /> maximum rate permitted by law. <br /> d. Any funds of the City may be invested in temporary improvement <br /> bonds in accordance with the provisions of Minnesota Statutes <br /> 471.56 and 475. 66; except, that such temporary bonds may be <br /> purchased only out of funds which the Council determines will not <br /> be required for other purposes prior to their maturity, shall be <br /> resold prior to maturity only in the case of unforeseen <br /> emergency. <br /> e. When such purchase is made out of monies held in a debt <br /> service fund for other bonds of the City, the holders of such <br /> other bonds shall have the right to enforce the City's obligation <br /> to sell definitive bonds at or before the maturity of the <br /> temporary bonds or to exchange the same in the same manner as <br /> holders of such temporary bonds. All obligations shall state upon <br /> their face the purpose of the issue and the fund from which they <br /> are payable. <br /> f. The amount of any obligations issued hereunder shall not be <br /> included in determining the net indebtedness of the City under <br /> the provisions of any law limiting such indebtedness . <br /> Subd. 5 . Funds: <br /> a. The proceeds from the sale of each issue of obligations and <br /> from collection of special assessments levied and other monies <br /> appropriated for each improvement to be financed wholly or partly <br /> from such proceeds shall be credited to a separate construction <br /> fund which shall be used solely to defray expenses of such <br /> improvements and payment of principal and interest due upon the <br /> obligations prior to completion and payment of all costs of the <br /> improvements so financed. <br /> b. Any balance of the proceeds of bonds remaining therein may be <br /> used to pay the cost, in whole or in part, of any other <br /> improvement instituted pursuant to this Chapter. <br /> c. A separate account shall be maintained in the construction <br /> fund to record expenditures for each improvement, and when the <br /> total cost thereof has been paid, all subsequent collections of <br />