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