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<br />202.19 202.19 <br /> <br /> <br /> b. Improvement Warrants: Obligations for the payment of which the full faith and <br />credit of the Municipality is not pledged shall be called improvement warrants and shall <br />contain a promise to pay solely out of the proper special fund. It shall be the duty of the <br />City Finance Director/Treasurer to pay maturing principal and interest on warrants out of <br />funds on hand in the proper special fund and not otherwise. <br /> <br /> c. Temporary Improvement Bonds: <br /> <br /> (1) In anticipation of the issuance of improvement bonds, the Council may, by <br />resolution, issue and sell temporary improvement bonds maturing within not more <br />than three (3) years from their date of issue to pay any part or all of the cost of one <br />or more improvements. <br /> <br /> (2) To the extent that the principal of and interest on the temporary improvement <br />bonds cannot be paid when due from receipts of special assessments, taxes or other <br />funds appropriated for the purpose, they shall be paid from the proceeds of <br />improvement bonds or additional temporary improvement bonds which the Council <br />shall offer for sale in advance of their maturity, but the indebtedness funded by an <br />issue of temporary improvement bonds shall not be extended by the issue of <br />additional temporary improvement bonds for more than six (6) years from the date <br />of the first issue. <br /> <br /> (3) The holders of any temporary improvement bonds shall have and may enforce, <br />by mandamus or other appropriate proceedings, all rights respecting the levy and <br />collection of sufficient special assessments and taxes to pay the cost of the <br />improvements financed by them which are granted by law to holders of <br />improvement bonds, except the right to require the levies to be collected prior to the <br />maturity of the temporary improvement bonds. <br /> <br /> (4) If any temporary improvement bonds are not paid in full at maturity, the <br />holders may require the issuance in exchange for them, at par, of new temporary <br />improvement bonds maturing within one year from their date of issue (but not <br />subject to any other maturity limitation) and beating interest at the maximum rate <br />permitted by law. <br />City of Mounds View