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<br />202.19 202.19 <br /> <br /> <br />Subd. 5. Funds: <br /> <br /> a. The proceeds from the sale of each issue of obligations and from collection of <br />special assessments levied and other monies appropriated for each improvement to be <br />financed wholly or partly from such proceeds shall be credited to a separate construction <br />fund which shall be used solely to defray expenses of such improvements and payment of <br />principal and interest due upon the obligations prior to completion and payment of all <br />costs of the improvements so financed. <br /> <br /> b. Any balance of the proceeds of bonds remaining therein may be used to pay the <br />cost, in whole or in part, of any other improvement instituted pursuant to this Chapter. <br /> <br /> c. A separate account shall be maintained in the construction fund to record <br />expenditures for each improvement, and when the total cost thereof has been paid, all <br />subsequent collections of special assessments levied for the improvements shall be <br />credited and paid into the debt service fund for the obligations issued to finance the <br />improvement, as provided in Minnesota Statutes, section 475.61. <br /> <br /> d. Any taxes levied for improvements financed by an issue of obligations shall be <br />credited directly to the debt service fund. <br /> <br />Subd. 6. Investment of Other Municipal Funds: <br /> <br /> a. Funds of a municipality may be invested in its temporary improvement bonds in <br />accordance with the provisions of Minnesota Statutes, section 471.56 and may be <br />purchased upon their initial issue but shall be purchased only from funds which the <br />Council determines will not be required for other purposes before the maturity date and <br />shall be resold before maturity only in case of emergency. <br /> <br /> b. If purchased from a debt service fund securing other bonds, the holders of those <br />bonds may enforce the Municipality’s obligations on the temporary improvement bonds <br />in the same manner as if they held the temporary improvement bonds. <br /> <br />City of Mounds View