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• Bond Fund,the Finance Director shall transfer to the Debt Service Account amounts on hand in <br /> the Surplus Account to the extent necessary to cure such deficiency. <br /> 4.03. Additional Bonds. The City reserves the right to issue additional bonds <br /> payable from the Bond Fund as may be required to finance costs of the Improvements not <br /> financed hereby; provided that the City Council shall, prior to the delivery of such additional <br /> bonds, levy or agree to levy by resolution sufficient additional special assessments and ad <br /> valorem taxes, if any,which,together with other moneys or revenues pledged for the payment of <br /> said additional obligations, will produce revenues at least five percent(5%) in excess of the <br /> amount needed to pay when due the principal and interest on all bonds payable from the Bond <br /> Fund. The additional special assessments, ad valorem taxes and moneys or revenues so pledged, <br /> levied or agreed to be levied shall be irrevocably appropriated to the Bond Fund in the manner <br /> provided by Minnesota Statutes, Section 475.61. <br /> 4.04. Lew of Special Assessments. The City hereby covenants and agrees that <br /> for payment of the cost of each of the Improvements it will do and perform all acts and things <br /> necessary for the full and valid levy of special assessments against all assessable lots, tracts and <br /> parcels of land benefited thereby and located within the area proposed to be assessed therefor, <br /> based upon the benefits received by each such lot, tract or parcel, in an aggregate principal <br /> amount not less than twenty percent (20%) of the cost of the Improvements. In the event that <br /> any such assessment shall be at any time held invalid with respect to any lot, piece or parcel of <br /> land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by <br /> • the City or this Council or any of the City's officers or employees, either in the making of such <br /> assessment or in the performance of any condition precedent thereto,the City and this Council <br /> hereby covenant and agree that they will forthwith do all such further acts and take all such <br /> further proceedings as may be required by law to make such assessments a valid and binding lien <br /> upon such property. The Council presently estimates that the special assessments shall be in the <br /> aggregate principal amount of$335,100 payable in not more than 15 installments, the first <br /> installment to be collectible with taxes during the year 2002, and that deferred installments shall <br /> bear interest at the rate of not less than 6 and 50 hundredths percent(6.50%) per annum <br /> from the date of the resolution levying said assessment until December 31 of the year in which <br /> the installment is payable. <br /> 4.05. Ad Valorem Taxes. The full faith and credit and taxing powers of the City <br /> are irrevocably pledged for the prompt and full payment of the principal of and interest in the <br /> Bonds as the same become respectively due. For the purpose there is hereby levied upon all of <br /> the taxable property of the City a direct, annual ad valorem tax, which shall be spread upon the <br /> tax rolls prepared in each of the following years and collected with other taxes in the following <br /> years and amounts as follows: <br /> • <br /> -13- <br />