1975.11.17 CC Minutes - Laserfiche WebLink

Home

6. The bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be primed facsimiles. The interest coupons pertaining there- to shat be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk. 7. The said bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. 8. There is hereby created a special fund to be designated "General Obligation Improvement Bonds of 1975 Fund" to be held and administered by the City Treasurer separate and apart from all other funds of the City. Said fund shall be maintained in the manner herein specified until all of the bonds herein authorized and the interest thereon have been fully paid. In said fund there shall be maintained two separate accounts, to be designated as the "Construction Account" and the "Sinking Fund Account", respectively. The proceeds of the sale of the bonds herein authorized, less any premium and accrued interest received thereon, and less any amount paid for said bonds in excess of $152,000, and less capitalized interest in the amount of $ 11,384.37 (sub- ject to such adjustments as are appropriate to provide suffi- cient funds to pay interest due on the bonds on or before March 1, 1977 ), shall be credited to the Construc- tion Account, from which there shall be paid all costs and expenses of making said improvements, including the costs of construction contracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to the extent necessary to pay interest on said bonds due prior to the anticipated date of commencement of the collection of special assessments herein levied, and provided further that if upon completion of said improvements there shall remain any unexpended balance in said Construction Account, said balance may be transferred by the Council to the fund of any other improvement instituted pursuant to Chapter 429 M.S.A. There is hereby pledged and there shall be credited to the Sinking Fund Account, all collections of special assessments herein covenanted to be levied, all accrued interest and any premium received upon delivery of said bonds, all funds paid for said bonds in excess of $1521000, capitalized interest in the amount of $11938.4.37 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before March 1, 1977 ), and all funds re- maining in said Construction Account after completion of the U