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• amounts in excess of $681,720 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 /> There are hereby established two accounts in the Bond Fund, <br /> designated as the "Debt Service Account" and the "Surplus Account." All money <br /> appropriated or to be deposited in the Bond Fund shall be deposited as received into <br /> the Debt Service Account. On each February 1, the Finance Director shall determine <br /> the amount on hand in the Debt Service Account. If such amount is in excess of <br /> one-twelfth of the debt service payable from the Bond Fund in the immediately <br /> 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 <br /> amounts to be transferred thereto from the Debt Service Account as herein provided <br /> and all income derived from the investment of amounts on hand in the Surplus <br /> Account. If at any time the amount on hand in the Debt Service Account is <br /> insufficient to meet the requirements of the Bond Fund, the Finance Director shall <br /> transfer to the Debt Service Account amounts on hand in the Surplus Account to <br /> the extent necessary to cure such deficiency. <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 /> • -15- <br />