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