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<br />202.19 202.19 <br /> <br /> <br />Subd. 7. General Obligation Temporary Improvement Bonds: <br /> <br /> a. The Council may, by resolution adopted prior to the sale of any temporary <br />improvement bonds, pledge the full faith, credit and taxing power of the Municipality for <br />the payment of the principal and interest, in addition to all provisions made for their <br />security in subdivision 3c of this Section. In this event, the bonds shall be designated as <br />general obligation temporary improvement bonds, and the Council shall levy taxes for <br />their payment in accordance with Minnesota Statutes, section 475.61. <br /> <br /> b. Proceeds of improvement bonds or temporary improvement bonds not yet sold may <br />be treated as pledged revenues, in reduction of the tax otherwise required by Minnesota <br />Statutes, section 475.61 to be levied prior to delivery of the obligations. <br />(1988 Code §26.13) <br /> <br />Subd. 8. Transfer of Funds After Improvements Completed; Refunds: Any monies now or <br />hereafter remaining in a fund heretofore or hereafter created by the City for making one <br />or more local improvements, after such improvements have been completed and all <br />claims against and obligations of said fund have been satisfied, shall be transferred to the <br />General Fund or the Public Improvement Revolving Fund established in Section 203.02 <br />of this Title; provided, that the Council may, in its discretion, authorize and direct the <br />Municipal Finance Director/Treasurer to refund all or part of such monies to the persons <br />who paid the assessments for the improvements following the procedure set forth in <br />subdivision 202.18(2) of this Chapter. The amounts to be refunded in respect to the <br />assessment against each property shall be proportionate to the original principal amount <br />thereof and shall be paid to the claimant who paid the last installment of the assessment <br />aggregating more than the amount to be refunded. No refund shall be made in respect to <br />any assessment which is delinquent as to either principal or interest. Any installment of <br />any assessment which is not collected or in the process of collection at the time when <br />refunds may be made under this subdivision shall be cancelled as provided in subdivision <br />202.18(1) of this Chapter. (1988 Code §26.22) <br /> <br />Subd. 9. Federal Limitation Act: Minnesota Statutes 474.191 apply to any issuance of <br />obligations under this Section which are subject to limitation under a Federal limitation <br />act. (1988 Code §26.13; 1993 Code) <br /> <br />City of Mounds View