Laserfiche WebLink
Improvement Bonds of 1988 Fund" (the "Fund") to be <br />administered and maintained by the City Clerk -Treasurer as a <br />bookkeeping account separate and apart from all other funds <br />maintained in the official financial records of the City. The <br />Fund shall be maintained in the manner herein specified until <br />all of the Bonds and the interest thereon have been fully <br />paid. There shall be maintained in the Fund two (2) separate <br />accounts, to be designated the "Construction Account" and <br />"Debt Service Account", respectively. <br />(i) Construction Account. To the Construction Account <br />there shall be credited the proceeds of the sale of the Bonds, <br />less accrued interest received thereon and less any amount <br />paid for the Bonds in excess of $176,760, and less capitalized <br />interest in the amount of $13,000 (together with interest <br />earnings thereon and subject to such other adjustments as are <br />appropriate to provide sufficient funds to pay interest first <br />coming due on the Bonds), plus any special assessments levied <br />with respect to the Improvements and collected prior to <br />completion of the Improvements and payment of the costs <br />thereof. From the Construction Account there shall be paid <br />all costs and expenses of making the Improvements, including <br />the cost of any construction contracts heretofore let and all <br />other costs incurred and to be incurred of the kind authorized <br />in Minnesota Statutes, Section 475.65; and the moneys in said <br />account shall be used for no other purpose except as otherwise <br />provided by law; provided that the proceeds of the Bonds may <br />also be used to the extent necessary to pay interest on the <br />Bonds due prior to the anticipated date of commencement of the <br />collection of taxes or special assessments herein levied or <br />covenanted to be levied; and provided further that if upon <br />completion of the Improvements there shall remain any <br />unexpended balance in the Construction Account, the balance <br />(other than any special assessments) may be transferred by the <br />Council to the fund of any other improvement instituted <br />pursuant to Minnesota Statutes, Chapter 429; and provided <br />further that any special assessments credited to the <br />Construction Account shall only be applied towards payment of <br />the costs of the Improvements upon adoption of a resolution by <br />the City Council determining that the application of the <br />special assessments for such purpose will not cause the City <br />to no longer be in compliance with Minnesota Statutes, Section <br />475.61, Subdivision 1. <br />(ii) Debt Service Account. There are hereby irrevocably <br />appropriated and pledged to, and there shall be credited to, <br />the Debt Service Account: (a) all collections of special <br />assessments herein covenanted to be levied with respect to the <br />"R <br />