Laserfiche WebLink
Improvements, any balance of the proceeds of Bonds remaining in the Construction <br /> Fund may be used to pay the cost, in whole or in part, of any other improvements <br /> instituted pursuant to the Act, as directed by the City Council, but any balance of <br /> such proceeds not so used shall be credited and paid to the Bond Fund. <br /> 4.02. 1993 Improvement Bond Fund. So long as any of the Bonds are <br /> outstanding and any principal of or interest thereon unpaid, the Finance Director <br /> shall maintain a separate and special bookkeeping fund designated "1993 <br /> Improvement Bond Fund" (hereinafter referred to as the Bond Fund) to be used for <br /> no purpose other than the payment of the principal of and interest on the Bonds <br /> and on such other improvement bonds of the City as have been or may be directed <br /> to be paid therefrom. The City irrevocably appropriates to the Bond Fund (a) all <br /> amounts in excess of $462,950 received from the Purchaser, (b) the collections of <br /> special assessments and other funds to be credited and paid thereto in accordance <br /> with the provisions of Section"4.01, (c) any taxes levied in accordance with this <br /> resolution, and (d) all such other moneys as shall be received and appropriated to <br /> the Bond Fund from time to time. If the balance in the Bond Fund is at any time <br /> insufficient to pay all interest and principal then due on all bonds payable <br /> therefrom, the payment shall be made from any fund of the City which is available <br /> for that purpose, subject to reimbursement from the Bond Fund when the balance <br /> therein is sufficient, and the Council covenants and agrees that it will each year levy <br /> a sufficient amount to take care of any accumulated or anticipated deficiency, which <br /> levy is not subject to any constitutional or statutory tax limitation. <br /> 4.03. Additional Bonds. The City reserves the right to issue additional <br /> bonds payable from the Bond Fund as may be required to finance costs of the <br /> Improvements not financed hereby; provided that the City Council shall, prior to <br /> the delivery of such additional bonds, levy or agree to levy by resolution sufficient <br /> additional special assessments and ad valorem taxes, if any, which, together with <br /> other moneys or revenues pledged for the payment of said additional obligations, <br /> will produce revenues at least five percent (5%) in excess of the amount needed to <br /> pay when due the principal and interest on all bonds payable from the Bond Fund. <br /> The additional special assessments, ad valorem taxes and moneys or revenues so <br /> pledged, levied or agreed to be levied shall be irrevocably appropriated to the Bond <br /> Fund in the manner provided by Minnesota Statutes, Section 475.61. <br /> 4.04. Levy of Special Assessments. The City hereby covenants and <br /> agrees that for payment of the cost of each of the Improvements it will do and <br /> perform all acts and things necessary for the full and valid levy of special <br /> assessments against all assessable lots, tracts and parcels of land benefited thereby <br /> and located within the area proposed to be assessed therefor, based upon the benefits <br /> received by each such lot, tract or parcel, in an aggregate principal amount not less <br /> than twenty percent (20%) of the cost of the Improvements. In the event that any <br /> such assessment shall be at any time held invalid with respect to any lot, piece or <br /> -12- <br />