Ordinance 944 - Laserfiche WebLink

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improvement against every assessable lot, piece or parcel of land, without regard to cash valuation, in accordance with the provisions of Section 202.09 of this Chapter. SECTION 6. The City Council of the City of Mounds View hereby amends Title 200, Chapter 202, Section 202.19, Subdivision 4(d) of the Mounds View Municipal Code by adding the double -underlined material and deleting the stricken material as follows: d. Any funds of the City may be invested in temporary improvement bonds in accordance with state_statute , 47566; except, that such temporary bonds may be purchased only out of funds which the Council determines will not be required for other purposes prior to their maturity, shall be resold prior to maturity only in the case of unforeseen emergency. SECTION 7. The City Council of the City of Mounds View hereby amends Title 200, Chapter 202, Section 202.19, Subdivision 6(a) of the Mounds View Municipal Code by adding the double -underlined material and deleting the stricken material as follows: a. Funds of a municipality may be invested in its temporary improvement bonds in accordance with and may be purchased upon their initial issue but shall be purchased only from funds which the Council determines will not be required for other purposes before the maturity date and shall be resold before maturity only in case of emergency. SECTION S. The City Council of the City of Mounds View hereby amends Title 200, Chapter 203, Section 203.01 of the Mounds View Municipal Code by adding the double -underlined material and deleting the strielean material as follows: Subd. 1. Fund Created: There is hereby created a fund designated as the "Mounds RAme Rule Charter, Chapter- 202 improvement Bend Redemption -Debt Service Fund", referred to in this Section as the "Fund." which the Finance Director/Treasurer shall maintain on the official books and records of the Municipality and administer in accordance with this Chapter, so long as any bonds directed by the Council to be payable therefrom are outstanding. Subd. 2. Purpose: This Fund shall be used to pay principal and interest only on general obligation improvement bonds issued to finance improvements instituted under the Mounds View Home Rule Charterl as amended, Chapter 202 of this Title, as amended, or other statutory or Charter provisions amending or supplementing the Home Rule Charter or otherwise authorizing the issuance of general obligation bonds payable primarily from special assessments, whether in whole or in part. Subd. 3. Use of Fund: The Fund shall be used for no other purpose except, when all such principal and interest due have been paid in full, to repay any advances from other funds used for such payments. I See Charter Section 710 for City indebtedness. 523066v1 DTA MU210-54 5