CC 11-30-1970 - Laserfiche WebLink

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---- - ~ .. the seal shall be printed, engraved or litho~raphed facsimiles except for the manual signature of the Village Clerk-Administrator on the face of each bond. The bonds shall then be delivered by the Treasurer to the purchasers on receipt of the cash purchase price stated in Section 1.03, and the purchasers shall not be re- quired to see to the application of the proceeds. Section 4. Sinking Fund Special Assessments and Tax Levies. 4.01 There is hereby created, and there shall be maintained by the Village Treasurer on the official books and records of the Village, so long as any of the bonds herein authorized or other improvement bonds shall be outstanding, a separate and special debt redemption fund to be designated as the "Improvement Bond Sinking Fund". The moneys in said fund shall be held and used only for the payment of the principal and interest on the bonds herein authorized and on any bonds issued in future to finance improvements instituted pursuant to Minnesota Statutes, Chapter 429, and acts amendatory thereof and supplemental thereto which are directed to be paid from such fund, as such payments become due, or to prepay and redeem such bonds when and as they become prepayab1e according to their terms. Interest and principal, if any, becoming due on any bonds prior to the completion and payment of the cost of the improvement for which they are issued shall be paid by the trans- fer of moneys from the fund of such improvement to said Sinking Fund. After payment of the cost of any such improvement, the fund thereof shall be discontinued and all subsequent collections of taxes and assessments levied in respect thereof shall be paid as received into said sinking fund. The funds of said improvements designated in Section 1.01, supra, are hereby discontinued, and all remaining special assess- ments collectible for said improvements are hereby appropriated to said Sinking Fund. 4.02 Pursuant to the provisions of Minnesota Statutes, Chapter 429, the Vil- lage has speCially assessed owners of property specially benefited by the improve- ments in the years, amounts and with interest accruing at the rates as follows: Years Interest Assessment Collectible Rate Water Improvement 67-1) $346,325.00 1969-1988 6% Water Improvement 67-2) Street Improvement 6 12,950.00 1965-1974 5% Street Improvement 7 5,289.79 1967-1976 6% Sanitary Sewer Improvement 7 15,500.00 1965-1984 5% Sanitary Sewer Improvement 8 8,369.50 ~967-1986 6% Water Improvement 68-1 318,000 1970-1989 7% Said assessments are payable in equal annual installments in each of the years in which they are collectible. All of the special assessments heretofore collected have been applied for payment of costs of said improvements, and all of the assess- ments collectible in the years 1971 through 1989 shall be paid into the Improvement Bond Sinking Fund. In the event any such assessment be at any time held invalid with respect to any lot or tract of land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by the Village or by this Council or by any of the Village's officers or employees, either in the making of such assessment or in the performance of any condition precedent thereto, the Village -9-