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<br />. , <br /> <br />" <br /> <br />. <br /> <br />. <br /> <br />c <br /> <br />7. The bonds shall be executed on behalf of the <br />City by the signature of its Mayor and the signature of its <br />Clerk Administrator and be sealed with the seal of the City; <br />provided, that one of such signatures and the seal of the City <br />may be printed facsimiles; and provided further that the cor- <br />porate seal may be omitted on the bonds as permitted by law. <br />The interest coupons pertaining thereto shall be executed by <br />the printed, engraved or lithographed facsimile signatures of <br />the Mayor and Cle~k Administrator. <br /> <br />8. The said bonds when so prepared and executed <br />shall be delivered by the Treasurer to the purchaser thereof <br />upon receipt of the purchase price, and the said purchaser <br />shall not be obliged to see to the proper application thereof. <br /> <br />9. There is hereby created a special account to be <br />designated "General Obligation Improvement Bonds, Series 3 <br />Account" to be held and administered,by the City Treasurer <br />separate and apart from all other accounts of the City. <br />Said Account shall be maintained in the manner herein <br />specified until all of the bonds herein authorized and the <br />interest thereon have been fully paid. In said Account <br />there shall be maintained two separate funds, to be designated <br />as the "Construction Fund" and the "Debt Service Fund", <br />respectively. The proceeds of the sale of the bonds herein <br />authorized, less any accrued interest received thereon, and <br />less any amount paid for said bonds in excess of $1,733,300, and <br />less capitalized interest in the amount of $ -0- , <br />(subject to such adjustments as are appropriate to provide <br />sufficient funds to pay interest due on the bonds on or <br />before November l, 1978), plus any special assessments <br />levied with respect to improvements financed by the bonds <br />and collected prior to completion of the improvements and <br />payment of the costs thereof, shall be credited to the <br />Construction Fund, from which there shall be paid all costs <br />and expenses of making said improvements listed in paragraph <br />lO, including the cost of any construction contracts heretofore <br />let and all other costs incurred and to be incurred of the <br />kind authorized in Minnesota Statutes, Section 475.65; and <br />the moneys in said fund shall be used, for no other purpose <br />except as otherwise provided by law; provided that the bond <br />proceeds may also be used to the extent necessary to pay <br />interest on said bonds due prior to the anticipated date <br />of commencement of the collection of special assessments <br />herein levied or covenanted to be levied~ and provided <br />further that if upon completion of said improvements there <br />shall remain any unexpended balance in said Construction <br />Fund, said balance (other than any special assessments) may <br />