Agenda Packets - 1985/09/16 - Laserfiche WebLink

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26.13 payers of the City, shall have and may enturce, by mandamus or other appropriate procoedinys, all n yhts respecting the levy and collection of sutficient assessments and taxes to pay the cost of the improvements financed thereby which dr.f granted by law to holders of other improvement bends, except the right of require such levies to be collected prior to the maturity of the tempo- rary oonas, ana shall nave the additionai right to require the uttering of said detinitive improvement bonds at public sale or if such bonds have not been sold and delivered prior to the maturity of the temporary bonds, to require the issuance in exchange theref,)r, on a par -tor -par basis, of either new tempordry bonds or definitive bonds, bearing interest at toe maximum rate permitted by law. Any funds of the City may be invested in temporary improvement tx-,nds in accordance with the proviginnc fof M,nnagnrr ctarutes 471.56 and 475.66. except that such tempordry bonds may be purchased .nly out Of funds which the Council determines will nut be reugired for other purposes prior to their maturity, and shall re resold prior to maturity only in the case of untoreseun emergency. When such purchase is made out of monies held in a debt service fund tor other bonds of the City, the holders of such other bonds shall have the right to enforce the City's obligation to sell detinitive bonds at or beture the maturity of the temporary bonds, or to exchange the same, in the same manner as holders of such temporary bonds. All obligations shall state upon their face the purpose of the issue and the fund from which they are payable. The amount of any obligations issued hereunder shall not op included in determining the net indebtedness of the City under the provisions of any law limiting such indebtedness. Subdicisiun 1. Funds. The proceeds from the sale of each i sue of ebligatlons and fruin collet a on of special assessments ._vied and other monies approprtated for each improvement to be financed wholly or partly from such proceeds shall be credited to a separate construction tund which shall be used solely to defray expenses of such improvements aad payment of principal and interest due upon the obligations prior to completion and payment of all costs of the improvements so financed. Any balance of the proceeds of bonds remaining therein may be usod to pay the cost, in whole or in part, or any other improvement instituted pursuant to this chapter. A separate account shall oe maintained in the construction fund to record expenditures for -ach improvement, and when the total cost r.hereot has been paid, all subsequent collections of Especial assessments levied for the improvements shall be credited and paid into the debt service fund for the obligations issued to finance the impro,,ement, as provided in Minnesota Statutes 47S.61. Any taxes levied for improvements tinanced by an issue of obligations shall he creaitdd M r,e[ly to the debt service fund.