Agenda Packets - 1985/09/16 - Laserfiche WebLink

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20.011 tm-1 to a nee-fmryr dvrmrnly- fnsttlaled-nnde r-M t n neadle-St at a lee----- f9s4y Eheryeer-I;tYr-and-rheplr r i0rb+-wee-adapted-eatah+tahtng-a-- separate -end-speete}-+and-dratgnnlro-ea- the -improvement -bend----- Yedrmptt«n-lands-whteh-Shett-rnntinde-tn-ex+atenee- oft tt+-the----- fmpretvrmrnt!+-r«mp}elrM-therm n�frr-nod-the-enat-eAereet-have-been- perd-tn-+a++-wheredpdn-Seto-+ands-a Old 44-be -dtaednttAWed r There is hereby created a -Separate-and-apeete} fund deslgnated as the Mounds View llnmv Hula Chattel. Chapter 26, Improvement Bond Redemption Fund, which the treasurer shall maintain on the official bexiks and records of the Municipality and administer in accordance with this Chapter, so long as any bonds directed by the Council to he payable therefrom are out- standing. This fund shall be used to pay principal and interest only on general obligation improvement bonds issued to finance improvements instituted under the Mounds View Home Rule Charter, as amended, Chapter 26 of the Municipal Code, as amended, or other statutory or charter provisions amending or supplementing the Home Rule Charter or otherwise authorizing the issuance of general obligation bondF payable primarily from special assess- ments, whether in whole or in part. It shalt be used for no other purpose except, when all such principal and interest due have been paid in full, to repay any advances from other fund, used for such payments. The fund may be invested in acc,)rdance with Minnesota Statctes 1957, Section 475.66, or amendatory or supplementary acts. Each bond issue authorized hereunder, and the ImprovemenL Bond Redemption Fund created thereby, shall be separate and any balance remaining in such sepa-ate fund after all tK)nds payable therefrom have been duly paid with interest and redeemed may be transferred to the general fund. Subdivision, 2. Improvement f'L.nnS. A separate fund shall a+ee be created for each improvement or consolidated group of improvements to be financed by an issue of such bond; and all collections of special assessmentF and taxes levied for each improvement, and all bond proceeds and any other monies appro- priated trereto by the Council shall be held in such fund and used solely to defray the experses of the improvement (includinC interest and principal, it any, oecoming due on oonds whore. proceeds are appropriate to the fund), until the improvement is completed and the cost thereof is paid in full. Thereupon, the improvement fund shall be discontinued, and any balance of pond proceeds remaininj therein may be transferred to the fund of another improvement similarly instituted to be used for debt service, or to the general fund, if so directed by the Council. Subdivision J. Tax Levies. Before the delivery of any issue of imps wement bonds directed by the Council to be i)ayable from the Improvement Bond Redemption Fund the Council shall by resolution estimate the approximate principal amount of special