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26.13 <br />Subdivision 5. Temporary Improvement Bonds. In <br />issuance of improvement bonds, the council <br />anticiyation of the <br />may by resolution issue and sell temporary improvement bonds <br />ma;urinu within not more than three ears rom t air date n <br />issue to pay any part or all or the cost of ore or more improve- <br />ments. To the extent that the rind a� 1 0� and interest on the <br />temporary improvement bonds cannot he paid when due from recei is <br />O spec I at eeseoo,ue i�Li Ia%BS, or CC er .d.^. ° a CO r.Ar nr <br />the purpose, the ehal De paid from the procee s o mprovem;nt <br />on s or a itionaL temporary improvement bonds which the council <br />shall offer for sale in advance of their maturity but the <br />indebtedness funded b)an issue of temporar tm rovement bonds <br />shall not be extended by the issue of ailditiona temporary <br />iw rovement bonds for more than six ears from the ate of the <br />first issue. The holders of any temporary improvement <br />shall have and may enforce, by or other approp�te <br />roceedin s, all ri hts <br />asrespecting the levy and cn ectlon of <br />su iclent specia. ssesments and taxes to pay the coat Or <br />im rovements financed by them which are ranted b law to holders <br />o impruvement bonds, except the right to require the ev •a to <br />be collected prior to the maturity of the temporar m rovamant <br />bonds. If any temporary improvement bonds are not pala in fuli <br />at maturity, the holders may require the Issuance n exc an a for_ <br />them, at par, of new temporary improvement bonds matur_nq v thin <br />one year from their date of issue (but not suDiect to any other <br />maturity limitation), and bearing interest at [he maximum rate <br />permt— [ted ty law. <br />5uodivision b. Investment Of Other Municipal Funds. <br />Funds of a munic lity mathe <br />be invested in its tem rer <br />■y irovement bonds in accordance with provisions n M nnesota <br />Statutes 4 c an ma�urchased u�On �tT t e—ir MEN si si—u1 <br />but Sh l�i be �urchesed only inxn tunds which the councTF <br />determinee vi1C not De re uire or other ur oses be ore the <br />macucitTdate, ae ha be resoldbe ore maturr_ity only in ciao <br />of emervuency If pure ased from a ebb servlc�r-emu d seeur_n- <br />other bonds the holders of those bonds mma� enforce tM <br />_.._ ,.,., :. Fhb i,,:.t nna on the temporary improvement bonds in <br />