Agenda Packets - 1985/10/28 - Laserfiche WebLink

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20.011 assessments to be levied for each improvement financed thereby Ain► and appropriated to the Redemption Fund, the number of install- ments thereof, and the rate of interest to be charged upon deferred 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 crllected in full they, together with the taxes theretofore levied and appropriated to the Redemption Fund, plus the estimated coliections of said special assessments and of all other special assessments there- tofore pledged to the Redemption Fund, will produce at least five per cent in excess of the amount 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. All such tax levies shall be irrepealable except that if the Council in any year makes an irrevocable appropriation to the Improvement Bond 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 fart and amount thereof, and to request the Auditor to reduce by the amount so certified the amount otherwise to be included in the tax rolls next thereafter prepared. Subdivision 4. Certification 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 mace, and nc furthor action by the municcpali.ty shall by required to authorize the extension, assessment and collection of said tax, tut the Auditor shall annually assess and extend upon the tax rolls the amou,,ts specifieJ in su:h resolution for each year, unless the amount has been reduced as authorized in Subdivision 3. Subdivision 5. Pledge of Credit. The full faith and credit of the municipality shall be and are hereby pledged for the prompt and lull payment of the principal of and interest cn all improvement bonds made payaole from the Improvement Bond Redemption Fund, and the Council shall pay such principal and interest out of any fund of the municipality if ever tae amount credited to the H'dempLiun Furid is insufficient for such purpose, and shall each year levy a sufficient 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.