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<br />202.18 202.19 <br /> <br /> <br />Subd. 3. Transfer of Assessments Not Cancelled or Refunded: Any such assessments not <br />cancelled under subdivision 1 above or not refunded under subdivision 2 above shall be <br />transferred to the General Fund or the Public Improvement Revolving Fund established in <br />Section 203.02 of this Title if not needed to pay costs of the improvement and if not held in a <br />debt redemption fund. (1988 Code §26.21) <br /> <br /> <br />202.19: FINANCING OF IMPROVEMENTS: <br /> <br />Subd. 1. Authority to Issue Obligations: At any time after one or more improvements are <br />ordered as contemplated in Section 202.07 of this Chapter, the Council may issue <br />obligations in such amounts as it deems necessary to defray, in whole or in part, the <br />expense incurred and estimated to be incurred in making the improvements, including <br />every item of cost of the kinds authorized in Minnesota Statutes, section 475.65. In the <br />event of any omission, error or mistake in any of the proceedings required by this Chapter <br />or by the Home Rule Charter precedent to the ordering of any improvement 1, the validity <br />of the obligations shall not be affected thereby. <br /> <br />Subd. 2. Due Diligence Responsibility of Council: The Council shall cause all further <br />actions and proceedings to be taken with due diligence that are required for the <br />construction of each improvement financed wholly or partly from the proceeds of <br />obligations and issued hereunder and for the final and valid levy of special assessments <br />and the appropriation of any other funds needed to pay the obligations and interest <br />thereon when due. <br /> <br />Subd. 3. Types of Obligations Permitted: <br /> <br /> a. Improvement Bonds: The Council may, by resolution adopted prior to the sale of <br />obligations, pledge the full faith, credit and taxing power of the Municipality for the <br />payment of the principal and interest. Such obligations shall be called improvement <br />bonds, and the Council shall pay the principal and interest out of any fund of the <br />Municipality when the amount credited to the specified fund is insufficient for the <br />purpose and shall each year levy a sufficient amount to take care of accumulated or <br />anticipated deficiencies, which levy shall not be subject to any statutory or Charter tax <br />limitation2. <br /> 1 See Charter Chapter 8. <br /> 2 See Charter Section 7.03 for taxation provisions. <br />City of Mounds View <br />