Agenda Packets - 1985/09/16 - Laserfiche WebLink

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26. 13 or mistake in any of the proceedings required by this Chapter or by the H..me Rule Charter precedent to the ordering of any improvement, the validity of the obligations shall not be affected thereby. The Council shall cause all further actions and proceedings to be taken with due diligence that are required for the construction of each improvement financed wholly or partly from the proceeds of obligations and issued hereunder, and for the final and valid levy of special assessments and the appropriation of any other funds needed to pay the obligations and interest thereon when due. Subdivision 2. Tvpes of Obligations Permitted. The Council may by resolution adopted prior to the sale of obliga- tions pledge the full faith, credit and taxing power of the r,vi.lcipality for the payment of the principal and interest_ Such obligations shall be called improvement bonds and the Council shall pay the principal and interest out of any fund of the municipality when the anwront credited to the specified fund is ,nsutticient for the purpose and shall each year levy a Suffi- cient amount to take care of a.:cumulated or anticipated deficien- cies, which levy shall not be subject to any statutory or charter tax limitation. obligations for the payment of which the full faith and credit of the municipality is not pledged shall be called improvement warrants and shall contain a promise to pay solely out of the proper special fund. It shall be the duty of the City Treasurer to pay maturing principal and interest on warrants out of funds on hand in the proper special fund and not otherwise. Subdivision 3. Method of Issuance. All obligations shall be issued in accordance with the provisions of the Charter and Minnesota Statute 475, except that an election shall be required for bonds it less than 20 per cent of the cost of the improvement to the municipality is to be assessed against benefited property. The maturities shall be such as in the opinion of the Council are warranted oy the anticipated collections of assessments and ad valorem levies for the City's share of the cost- except that the Council may to its discretion issue and sell temporary improve- ment bonds at any time prior fo completion of the work to be financed, maturiny within not more than three years from '_heir date of issue, in whcih event the municipality shall be obligated to pay such bond and the interest thereon out ut the proceeds of definitive improvement bonds which the Council shall issue and sell at or prior to the maturity of :he temporary bonds, to the extent that the same cannot be paid out of the assessments and taxes theretofore collected, or out of any other municipal funds which are properly available and appropriated by the Council for such purpose. The holders of such temporary bonds, and the tax-