Ordinance 944 - Laserfiche WebLink

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Subd. 4. Investment of Fund: The Fund may be invested in accordance with Minnesota Statutes, section 475.66 or amendatory or supplementary acts. Subd. 5. Separate Funds: a. Each bond issue authorized hereunder and the Viand Redemption Fund created thereby shall be separate, and any balance remaining in such separate Fund after all bonds payable therefrom have been duly paid with interest and redeemed may be transferred to the General Fund. b. A separate fund shall be created for each improvement or consolidated group of improvements to be financed by an issue of such bond, and all collections of special assessments and taxes levied for each improvement and all bond proceeds and any other monies appropriated thereto by the Council shall be held in such fund and used solely to defray the expenses of the improvement (including interest and principal, if any, becoming due on bonds whose proceeds are appropriate to the Fund), until the improvement is completed and the cost thereof is paid in full. Thereupon, the Improvement Fund shall be discontinued, and any balance of bond proceeds remaining therein may be transferred to the fund of another improvement similarly instituted to be used for debt service or to the General Fund if so directed by the Council. Subd. 6. Tax Levies: a. Before the delivery of any issue of improvement bonds directed by the Council to be payable from the Improvement Bona I?eaemp i�_ Fund, the Council shall, by resolution, estimate the approximate principal amount of special assessments to be levied for each improvement financed thereby and appropriated to the Redemption Fund, the number of installments thereof and the rate of interest to be charged upon deferred installments and shall levy, if necessary, a general ad valorem tax upon all taxable property within the Municipality, to be spread upon the tax rolls for each property with year of the term of the bonds, in amounts for all years such that if collected in full, they, together with the taxes theretofore levied and appropriated to the Redemption Fund, plus the estimated collections of said special assessments and of all other special assessments theretofore pledged to the Redemption Fund, will produce at least five percent (5%) in excess of the amount needed to meet, when due, the principal and interest payments on such bonds and on all other then outstanding bonds which are payable from the Redemption Fund. b. All such tax levies shall be irrepealable; except, that if the Council, in any year, makes an irrevocable appropriation to the lmproye. ,p,~t Bond nose.,,^tion Fund of monies actually on hand from sources other than the special assessments and taxes herein referred to, or if there is on hand any excess amount in that fund, the Municipality reserves the right to certify to the County Auditor the fact and amount thereof and to request the Auditor to reduce by the amount so certified the amount otherwise to be included in the tax rolls next thereafter prepared. 523066v1 DTA MU210-54 6