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<br />203.01 203.01 <br /> <br /> <br />Subd. 5. Separate Funds: <br /> <br /> a. Each bond issue authorized hereunder and the Improvement Bond Redemption <br />Fund created thereby shall be separate, and any balance remaining in such separate Fund <br />after all bonds payable therefrom have been duly paid with interest and redeemed may be <br />transferred to the General Fund. <br /> <br /> b. A separate fund shall be created for each improvement or consolidated group of <br />improvements to be financed by an issue of such bond, and all collections of special <br />assessments and taxes levied for each improvement and all bond proceeds and any other <br />monies appropriated thereto by the Council shall be held in such fund and used solely to <br />defray the expenses of the improvement (including interest and principal, if any, <br />becoming due on bonds whose proceeds are appropriate to the Fund), until the <br />improvement is completed and the cost thereof is paid in full. Thereupon, the <br />Improvement Fund shall be discontinued, and any balance of bond proceeds remaining <br />therein may be transferred to the fund of another improvement similarly instituted to be <br />used for debt service or to the General Fund if so directed by the Council. <br /> <br />Subd. 6. Tax Levies: <br /> <br /> a. Before the delivery of any issue of improvement bonds directed by the Council to <br />be payable from the Improvement Bond Redemption Fund, the Council shall, by <br />resolution, estimate the approximate principal amount of special assessments to be levied <br />for each improvement financed thereby and appropriated to the Redemption Fund, the <br />number of installments thereof and the rate of interest to be charged upon deferred <br />installments and shall levy, if necessary, a general ad valorem tax upon all taxable <br />property within the Municipality, to be spread upon the tax rolls for each property with <br />year of the term of the bonds, in amounts for all years such that if collected in full, they, <br />together with the taxes theretofore levied and appropriated to the Redemption Fund, plus <br />the estimated collections of said special assessments and of all other special assessments <br />theretofore pledged to the Redemption Fund, will produce at least five percent (5%) in <br />excess of the amount needed to meet, when due, the principal and interest payments on <br />such bonds and on all other then outstanding bonds which are payable from the <br />Redemption Fund. <br /> <br /> b. All such tax levies shall be irrepealable; except, that if the Council, in any year, <br />makes an irrevocable appropriation to the Improvement Bond Redemption Fund of <br />monies actually on hand from sources other than the special assessments and taxes herein <br />referred to, or if there is on hand any excess amount in that fund, the Municipality <br />reserves the right to certify to the County Auditor the fact and amount thereof and to <br />request the Auditor to reduce by the amount so certified the amount otherwise to be <br />included in the tax rolls next thereafter prepared. <br />City of Mounds View