Agenda Packets - 1985/10/28 - Laserfiche WebLink

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26.11 payers of the City, shall have and may entoree, by mandamus or other appropriate proceedings, all rights respecting the levy and collection of sufficient assessments and taxes to pay the cost of the improvements financed thereby which are granted by law to holders of other improvement bonds, except the right of require such levies to be collected prior to the maturity of the tempo - idly Lards, and `hall h>... . the artditinnal rioht to require the offering of said definitive 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 therefor, on a par -for -par basis, of either new temporary bonds or definitive bonds, bearing interest at the maximum rate permitted by law. Any funds of the City may he invested in temporary improvement bonds in accordance with the provisions fof Minnesota Statutes 471.56 and 475.66, except that such temporary bonds may be purchased only nut of funds which the Council dotermines will not he reugired for other purposes prior to their maturity, and shall re resold prior to maturity only in the case of unforeseen emergency. When such purchase is made out of monies held in a debt service fund for other bonds of the City, the holders of such other bonds shall have the right to enforce the City's obligation to sell definitive bonds at nr before 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 rot be included in determinina the net indebtedness of the City under the provisions of any law limiting such indebtedness. Subdivision 4. Funds. The proceeds from the sale of each issue of obligations anT-From callection of special assessments levied and other monies appropriate) for each itmprovem,!nt to he financed wholly or partly from such proceeds shall be credited to a separate conatructicn find which shall be used solely to defray expenses of such improvements end payment of principal and interes'_ due upon the obligations prior to completion and payment of all costs of the imnrovements so financed. Any ;valance of the proceeds of bonds remaining therein may be Used to pay the cost, in whole or in part, or any other improvement instituted pursuant to this chapter. b separate account shall he maintained in the construction ^^_ to recoti expenditures for each improvement, and when the total cost thereof has been paid, all <ubsequent collections of Especial assessments levied :or the improvements shall he credited and paid into the debt service fund for the obligations issued to finance the improvement, as provided in Minnesota Statutes 475.61. Any taxes levied for improvements financed by an issue of obligations shall he credited direO ly t the debt service fund.