1981.09.21 RESO 1981-16 - Laserfiche WebLink

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6. The bonds shall be executed on behalf of the City by the signatures of its Mayor and Clerk -Treasurer and be sealed with the seal of the City; provided, that one of the signatures and the seal of the City may be printed facsimiles and provided further that the corporate seal may be omitted on the bonds as permitted by law. The interest coupons pertaining thereto shall be executed by the printed, engraved or litho- graphed facsimile signatures of the Mayor and Clerk -Treasurer. 7.' The bonds when so prepared and executed shall be delivered by the Clerk -Treasurer to the purchaser thereof upon receipt of the purchase price, and the purchaser shall not be obliged to see to the proper application thereof. S. There is hereby created a special fund to be designated "General Obligation Temporary Improvement Bonds of 1981 Fund" to be held and administered by the City Clerk - Treasurer separate and apart from all other accounts of the City. The Fund shall be maintained in the manner herein speci- fied until all of the bonds herein authorized and the interest thereon have been fully paid. There shall be maintained in the Fund two separate accounts, to be designated the "Construction Account" and the "Debt Service Account", respectively. The proceeds of the sale of the bonds herein author- ized, less accrued interest received thereon, and less any amount paid for the bonds in excess of $167,000, and less capitalized interest in the amount of $18,000 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before October 1, 1982), plus any 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 all costs and expenses of making the improvements listed in paragraph 9, including the cost of any construction con- tracts 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 the bond proceeds may also be used to the extent necessary to pay interest on the bonds due prior to the anticipated date of commencement of the collection of taxes or special assess- ments herein covenanted to be levied; and provided further that if upon completion 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 Construc- tion Account are hereby pledged and shall be used only to pay principal and interest due on the bonds. -5-