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<br />203.01 203.01 (Rev. 5/10) <br /> <br /> <br />Subd. 7. Certification of Levies: The City Administrator is directed to file a certified copy <br />of this Section in the office of the County Auditor of Ramsey County, and prior to the <br />delivery of each series of improvement bonds payable from the Improvement Bond <br />Redemption Fund, the City Administrator shall also file with the County Auditor a <br />certified copy of the resolution authorizing such bonds and levying a tax for the payment <br />thereof, together with full information regarding the bonds for which the tax levy <br />required by law has made, and no further action by the Municipality shall be required to <br />authorize the extension, assessment and collection of said tax, but the Auditor shall <br />annually assess and extend upon the tax rolls the amounts specified in such resolution for <br />each year, unless the amount has been reduced as authorized in subdivision 5 hereof. <br />(Amended, Ord. 844, 5-20-10) <br /> <br />Subd. 8. Pledge of Credit: The full faith and credit of the Municipality shall be and are <br />hereby pledged for the prompt and full payment of the principal of and interest on all <br />improvement bonds made payable from the Improvement Bond Redemption Fund, and <br />the Council shall pay such principal and interest out of any fund of the Municipality if <br />ever the amount credited to the Redemption Fund is insufficient for such purpose and <br />shall each year levy a sufficient amount to meet any accumulated or anticipated <br />deficiency in that fund, which levy shall not be subject to any statutory or Charter tax <br />limitations. The provisions of Minnesota Statutes, sections 475.61 and 475.74 are hereby <br />acknowledged to be and are affirmed as covenants of the Municipality with the holders of <br />all such bonds, from time to time, outstanding. <br /> <br />Subd. 9. Preparation, Sale, Execution and Delivery: <br /> <br /> a. Improvement bonds to be made payable from the Improvement Bond Redemption <br />Fund may be prepared for execution in form, as provided for in Minnesota Statutes, <br />section 475.55, with suitable variations as to date of issue, maturity, interest payment <br />dates, redemption privilege, serial designation and number and other details. <br /> <br /> b. The amounts, maturity, interest rates and other terms of each issue of improvement <br />bonds made payable from the Improvement Bond Redemption Fund shall be established <br />by the Council, by resolution, and such bonds shall be issued and sold upon such terms as <br />are deemed by the Council, from time to time, to be reasonable and in the best interest of <br />the Municipality and owners of property subject to special assessment. <br /> <br /> c. Upon the sale of each issue, the bonds shall be prepared for execution under the <br />direction of the City Administrator and shall be executed as provided for in Minnesota <br />Statutes, section 475, and the Corporate Seal of the Municipality shall be affixed to each <br />bond. (Ord. 844, 5-20-10) <br /> <br /> d. When executed, the bonds shall be delivered by the Finance Director/Treasurer to <br />the purchaser thereof upon payment of the agreed purchase price, and the purchaser shall <br />not be obligated to see to the application of the bond proceeds. <br />City of Mounds View