CC RES 09-038 RESOLUTION CALLING A HEARING FOR THE ARBORS ALLEY ROADWAY AND UTLITY IMRPOVEMENT PROJECT

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for the payment of interest and principal, if any,due upon the Improvement Bonds prior to the completion and payment of all costs of the Improvements and the payment of the expenses incurred by the City in connection with the issuance of the Bonds. Upon completion and payment of all costs of the Improvements, any balance of the proceeds of Bonds remaining in the Street Construction Fund may be used to pay the cost, in whole or in part, of any other improvements instituted pursuant to Minnesota Statutes, Chapter 429, as directed by the City Council,but any balance of such proceeds not so used shall be credited and paid to the Improvement Bond Fund created in Section 5.02 hereof. (b) There is hereby created a special bookkeeping fund to be designated as the"General Obligation Bonds, Series 2009A Park Construction Fund"(the"Park Construction Fund"), to be held and administered by the Finance Director separate and apart from all other funds of the City. The City appropriates to the Park Construction Fund $1,330,450.01 of the proceeds of the sale of the Bonds. The Park Construction Fund shall be used solely to defray expenses of the Park Improvements and, including but not limited to the payment of the expenses incurred by the City in connection with the issuance of the Bonds. Upon completion and payment of all costs of the Park Improvements, any balance remaining in the Park Construction Fund shall be credited and paid to the Tax Abatement Bond Fund created in Section 5.03 hereof. 5.02. 2009A Improvement Bond Fund. So long as any of the Improvement Bonds are outstanding and any principal of or interest thereon unpaid, the Finance Director shall maintain a separate and special bookkeeping fund designated "2009A Improvement Bond Fund" (the "Improvement Bond Fund") to be used for no purpose other than the payment of the principal of and interest on the Improvement Bonds and on such other improvement bonds of the City as have been or may be directed to be paid therefrom. If the balance in the Improvement Bond Fund is at any time insufficient to pay all interest and principal then due on all bonds payable therefrom, the payment shall be made from any fund of the City which is available for that purpose, subject to reimbursement from the Improvement Bond Fund when the balance therein is sufficient, and the Council covenants and agrees that it will each year levy a sufficient amount to take care of any accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory tax limitation. 5.03. 2009A Tax Abatement Bond Fund. So long as any of the Tax Abatement Bonds are outstanding and any principal of or interest thereon unpaid, the Finance Director shall maintain a separate and special bookkeeping fund designated "2009A Tax Abatement Bond Fund" (the "Tax Abatement Bond Fund") to be used for no purpose other than the payment of the principal of and interest on the Tax Abatement Bonds and on such other tax abatement bonds of the City as have been or may be directed to be paid therefrom. If the balance in the Tax Abatement Bond Fund is at any time insufficient to pay all interest and principal then due on all bonds payable therefrom, the payment shall be made from any fund of the City which is available for that purpose, subject to reimbursement from the Tax Abatement Bond Fund when the balance therein is sufficient, and the Council covenants and agrees that it will each year levy a sufficient amount to take care of any accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory tax limitation. • 5.04. 2009A Storm Sewer Bond Fund. The Storm Sewer Bonds shall be payable from a separate General Obligation Storm Sewer Bonds, Series 2009A Bond Fund (the "Storm Sewer -14-