1984.11.08 RESO 1984-0018 - Laserfiche WebLink

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special assessments levied with respect to Improve- ments financed by the Bonds and collected prior to completion of the Improvements and payment of the costs thereof, shall be credited to the Construction Account, from which there shall be paid (or reim- bursed if already paid) all costs and expenses of making the Improvements listed in paragraph 16, including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said account shall be used for no other purpose except as otherwise provided by law; provided that proceeds of the Hond may also be used to the extent necessary to pay interest on the Bonds due prior to the antici- pated date of commencement of the collection of taxes or special assessments herein levied or covenanted to be levied; and provided further that if upon comple- tion of the Improvements there shall remain any unexpended balance in the Construction Account, the balance (other than any special assessments) may be transferred by the Council to the fund of any other improvement instituted pursuant to Minnesota Statutes, Chapter 429; and provided further that any special assessments credited to the Construction Account are hereby pledged and shall be used only to pay principal and interest due on the Bonds. (b) Debt Service Account. There is hereby pledged and there shall be credited to the Debt Ser- vice Account (1) all collections of special assess- ments herein covenanted to be levied and either initially credited to the Construction Account and required to pay any principal and interest due on the Bonds or collected subsequent to the completion of the Improvements and payment of the costs thereof; (2) all accrued interest received upon delivery of the Bonds; (3) all funds paid for the Bonds in excess of $290,000; (4) capitalized interest in the amount of $14,000 (together with interest earnings thereon and subject to such other adjustments as are appropri- ate to provide sufficient funds to pay interest due on the Bonds on or before June 1, 1986; (5) any collections of all taxes herein levied for the pay- ment of the Bonds and interest thereon; (6) all funds remaining in the Construction Account after comple- tion of the Improvements and payment of the costs thereof, not so transferred to the account of another improvement; and (7) all investment earnings on funds held in the Debt Service Account. -13-