Agenda Packets - 1985/10/28 - Laserfiche WebLink

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26. 13 in any of the proceedings required by this Chapter or or mistake by the Home Rule Charter precedent to the ordering of any impr,ivement, the validity of the obligations shall not be affected thereby. The Council shall cause all further actions require: and proceedings to be taken with due diligence that are for the construction of each improvement financed wholly or hereunder, and partly from the proceeds of cblig tio•^•s a^,i +cgi-Pd the for the final and valid levy of sperial assessments and appropriation of any other funds needed to pay the cbligations and interest thereon when due. Subdivision 2. Tyces 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 Such municipality for the payment nt the principal and interest. Council obligations shall be called improvement bonds and the the shall pay the principal and interest out of any fund of specified fund is municipality when the amount credited to the levy a suffi- insufficient for the purpose and shall each year or anticipated deficien- cient amount to take care of accumulated levy shall not be subject to any statutory or charter cies, which tax limitation. Obligations for the payment of which the full faith and credit of the municipality is not pledgers 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 special fund and n(-,t warrants out of funds on hand in the proper otherwise. Subdivisioo 3. Method of Issuance. Ali obligations shall L)e issued in a-cordance with the prnvisiols of the Charter and be required Minnesota Statute 475, except that an elurtion shall of the improvement for bonds if less than 20 per cent of the cost be assessed against brrefited prol,erty. to the municipality is to the Council are The maturities shall be such .,s in Lhe opinion of assessments and warranted by the anticipated collections of tad except. the vair,rem levies for the City's stare of the cost; improve- Council may in its discretion .Lssue and sell temporary to be ment bonds at any time prior to completion of the work from their financed, maturing within not more than three year, be obligated date of issue, in wi,cih event the municipality shall of the proceeds of t-a pay such bond and the interest thereon out Council shall issue and definitive improvement bonds which the bonds to the sell at or prior to the maturity of the Lemporary the assessments and extent that the same cannot be paid out of other municipal funds taxes theretofore collected, or out of any appropriated by the Council for whi.rh are properly available and bonds, and the tax such purpose. The holders of such temporary U