1975.11.17 CC Minutes - Laserfiche WebLink

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improvements and payment of the costs thereof, not so trans- ferred to the fund of another improvement. The Sinking -Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder and any other general obligation bonds of the City hereafter issued by the City and made payable from said account. 9. It is hereby determined that no less than. 20% of the cost of improvements to theCity within the mean- ing of Minnesota Statutes, Section 475.58, Subdivision 10), shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements. The City hereby covenants and agrees that it will do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity, in any action or proceedings taken or to be taken by the City or this Council or any of the City officers or employees, either in the making of such assessments or in the performance of any condi- tion precedent thereto, the City and this Council will forth- with do all such further acts and take all such further pro- ceedings as may be required by law to make such assessments a valid and binding lien upon such property. Subject to such adjustments as are required by conditions in existance av the time said assessments are levied, it is hereby determined that the assessments shall be payable in equal, consecutive, annual installments, with general taxes for the years shown belo:i and with interest on the deferred balance of all such assessments at the rate of at least 8 % per annum: Improvement Designation Amount Street and Storm Sewer. Improvements 1975-1 $155,000 -7- Levy Years 10