Agenda Packets - 1985/10/28 - Laserfiche WebLink

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20. 01 1 ee-fiHence-*mprevemenee-tnsetteled-ender-Mtnneaele-6telneee----- 49S4r-Ehapt er-419r-end-thepter-10rB4-wee-adapt ed-set a bit ski ng-e-- separate -and-epreia4-fend- Ale atgnat@d-as- the -Fmpravemen!- bond ----- Redrmpt4an-fwndr-wh4eh-ehe44-eenitnee-tn-ew4Ste nee -wntt4- the ----- :mprevemente-eemp4eeed-lherenrder-end-lhe-eeee-ehereef-Aave-been- petd-4n-fw44-whereapan-setd-fenda- she 44-be -diseenttrwedr There is hereby created a -separate-end-spse4e4 fund desiynated as the Mounds View Home Rule Charter, Chapter 26, Improvement Bond Redemption Fund, which the treasurer shall maintain on the official books and records of the Municipality and administer in accordance with this Chapter, so long as any bonds directed by the Council to be 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 Hoi.ie Rule Charter or otherwise author'.zing the issuance of general obligation bonds payable priman ly trom special assess- ments, whether in whole or in part. It shall be used for no nther purpose except, when all such principal and interest due have been paid in full, to repay any advances from other funds used for such payments. The fund may be invested in accordance with Minnesota Statutes 1957, section 475.66. or amendatory or supple.nentary acts. Each bond issue authorized hereunder, and the Improvement Bond Redemption Fund created thereby, shall be separate and any balance remaining :n such separate fund after all bonds payable therefrom have been duly paid with interest and redeemed may be transferred to the general fund. SubdLvisic:i 2. IMrovement Funds. A separate fund shell else be rreateo for each improvement consolidates group of 4mprovemen::s to be financed by an issue of such bond; and ali collectiDns of special assessments and t?xes leviad for each improvement, and all bond proceeds and and other monies appro- priated thereto by the Council shall fe held in such fund and used soIcIy to defray the expenses of the improvement (including interest and principal, if any, becoming due on bonds whise proceeds are appropriate to the Fund), until the improvement is completed and the cost tiereof is paid in full. Thereupon, the i-nprovrinent fLL11li alia,l be li:Sculltillueu' slid any La,am.r vi ulnU proceeds remaining 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. Subdivist on 3 Tax Levies. Before the delivery of any issue of improvement bonds directed by the Council to be payable from the Improvement Bond Redemption Fund the Council shall by resolution estimate the approximate principal amount of special %__4