Agenda Packets - 1985/09/16 - Laserfiche WebLink

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2U.011 assessments to he levied for each i,npn,vvment financed thereby and appropriated to the Redemption Fund, the number of install- ments thereof, and the rate of interest to be charged upon deterred installments, and shall levy, if necessary a general ad valorem tax upon all taxable property within the municipality, to be spread upon the tax rolls for each year of the term of the bonds, in amounts for all years such that if collected in full they, together with the taxes theretofore levied and appropriated to the Redemption Fund, plus the estimated collections of said special assessments and of all other special assessments there- tofore pledged to tlm Redemption Fund, will i1rJ uce at least fivc per rent in excess of the am#)unt needed to meet when due the principal and interest payments on such bonds and on all other then outstanding bonds which are payable from the Redemption Fund. At. such tax levies shall be irrepealable except that if the Council in any year makes an irrevocable appropriation to the Improvement isond Redemption Fund of monies actually on hand from sources other than the special assessment sand taxes herein referred to, or if there is on hand any excess amount in that fund, the municipality reserves the right to certify to the County Auditor the fact and amount thereof, and to request the Auditor to reduce by the amount so certified the at -count otherwise to be included in the tax rolls next thereafter prepared. Subdivision 4. Certiltcation of Levies. The Clerk is directed to file a certified copy of this ordinance in the office of the County Auditor of Ramsey County, and prior to the delivery of each series of improvement bonds payable from the Improvement Bond Redemption Fund the Clerk shall also file with said County Auditor a certified copy of the resolution authorizing such bonds and levying a tax for the payment thereof, together with full information regarding the bonds for which the tax levy required by law has made, and no further action by the municipality shall be required to authorize the extension, assessment and collection Of said tax, but the Auditor shall annually assess and extend upon the tax rolls the amounts specified in such resolution for each year, unless the amount has been reduced as authorized in ';ubdivision 3. Subdivision 5. Pledge of Credit. The full faith and credit oP the municipality shall be and are hereby pledged for the prompt and full paymont of the principal of and interest on all improvement bonds made payable from the Improvement 3ord Redemption Fund, and the Council shall pay such hrincipai and interest out of any fund of the municipality if ever the amount credited to the Redemption Fund is insufficient for such purpose, and shall each year levy I sutticient amount to meet any accumu- lated or anticipated efficiency in that fund, which levy shall not be subject to any statutory or charter tax limitations. The provisions of Minnesota Statutes 1957, sections 475.61 and 475.74 are hereby acknowledged to be and are affirmed as covenants of the municipality with the holders of all such bonds from time to time outstanding.