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4.02. 2010A Street Reconstruction Bond Fund. So long as any of the Bonds are <br /> outstanding and any principal of or interest thereon unpaid, the Finance Director shall maintain a <br /> separate and special bookkeeping fund designated '`2010A Street Reconstruction Bond Fund" <br /> (the "Bond Fund'') to be used for no purpose other than the payment of the principal of and <br /> interest on the Bonds and on such other Street Reconstruction Bonds of the City as have been or <br /> may be directed to be paid therefrom. The City irrevocably appropriates to the Bond Fund (a) all <br /> amounts in excess of$1,357,813 received from the Purchaser, plus capitalized interest in the <br /> amount of$28,145.12, (b) any taxes levied in accordance with this resolution, and (c) all such <br /> other moneys as shall be received and appropriated to the Bond Fund from time to time. If the <br /> balance in the Bond Fund is at any time insufficient to pay all interest and principal then due on <br /> all bonds payable therefrom, the payment shall be made from any fund of the City which is <br /> available 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 a sufficient <br /> amount to take care of any accumulated or anticipated deficiency, which levy is not subject to <br /> any constitutional or statutory tax limitation. <br /> There are hereby established two accounts in the Bond Fund, designated as the "Debt <br /> Service Account" and the "Surplus Account." All money appropriated or to be deposited in the <br /> Bond Fund shall be deposited as received into the Debt Service Account. On each February 1, <br /> the Finance Director shall determine the amount on hand in the Debt Service Account. If such <br /> amount is in excess of one-twelfth of the debt service payable from the Bond Fund in the <br /> immediately preceding 12 months, the Finance Director shall promptly transfer the amount in <br /> excess to the Surplus Account. The City appropriates to the Surplus Account any amounts to be <br /> transferred thereto from the Debt Service Account as herein provided and all income derived <br /> from the investment of amounts on hand in the Surplus Account. If at any time the amount on <br /> hand in the Debt Service Account is insufficient to meet the requirements of the Bond Fund, the <br /> Finance Director shall transfer to the Debt Service Account amounts on hand in the Surplus <br /> Account to the extent necessary to cure such deficiency. <br /> 4.03. Additional Bonds. The City reserves the right to issue additional bonds payable <br /> from the Bond Fund as may be required to finance costs of the Projects not financed hereby; <br /> provided that the City Council shall, prior to the delivery of such additional bonds, levy or agree <br /> to levy by resolution sufficient additional ad valorem taxes, if any, which, together with other <br /> moneys or revenues pledged for the payment of said additional obligations, will produce <br /> revenues at least five percent (5%) in excess of the amount needed to pay when due the principal <br /> and interest on all bonds payable from the Bond Fund. The additional ad valorem taxes and <br /> moneys or revenues so pledged, levied or agreed to be levied shall be irrevocably appropriated to <br /> the Bond Fund in the manner provided by Minnesota Statutes, Section 475.61. <br /> 4.04. Ad Valorem Taxes. The full faith and credit and taxing powers of the City are <br /> irrevocably pledged for the prompt and full payment of the principal of and interest in the Bonds <br /> as the same become respectively due. For the purpose there is hereby levied upon all of the <br /> taxable property of the City a direct, annual ad valorem tax, which shall be spread upon the tax <br /> rolls prepared in each of the following years and collected with other taxes in the following years <br /> and amounts as follows: <br /> -ll- <br />