82-026 - Laserfiche WebLink

Home Browse Search

. 7. The bonds shall be executed on behalf of the City by the signatures of its Mayor and Clerk-Administrator and be sealed with the seal of the City: provided, that one (or both) of the signatures and the seal of the City may be printed facsimiles (if the bonds are also signed manually by at least one such officer); and provided further that the corporate seal may be anitted on the bonds as permitted by law. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk-Administrator. 8. The bonds when so prepared and executed shall be delivered by the 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. 9. There is hereby created a special fund to be designated "General Obligation Temporary Improvement Bonds of 1982 Fund" to be held and administered by the City Treasurer separate and apart from all other accounts of the City. The Fund shall be maintained in the manner herein specified 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 authorized, l~ss. any_ accrue'; ;Ilfo.....est received thereon, and less any amount paid]:or the bonds in excess of $3,289,348, and less capitalized in!-erest _irl the amount of $ 636.648.00 (sub-ject to such adjust- ments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before MIlly 1. 1983 ) , plus any special assessments levied with respect to improvements 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 10, 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 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 special assessments herein oovenanted to be levied: and provided further that if upon completion of the improvements there shall remain any unexpended balance in the Construction Account, the . .