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<br />. <br /> <br />16. Refinancing of Unfunded Improvements and <br />Financin1 of New Imarovements. There ~s hereby created a <br />spec~al und to be esignated "General Obligation Improvement <br />Bonds of 1985 Fund" (the "Fund") to be held and administered by <br />the City Treasurer separate and apart from all other funds of <br />the City. The Fund 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. There shall be <br />maintained in the Fund two separate accounts to be designated <br />the "Capital Account" and the "Debt Service Account", <br />respectively. The proceeds of the sale of the Bonds herein <br />authorized, less (i) the $ 1,486,182 credited to the 1982 Debt <br />Service Account, (ii) any accrued interest received on the <br />Bonds herein authorized; (iii) any amount paid for the Bonds in <br />excess of $2,467,215; and (iv) capitalized interest in the <br />amount of $29,200 (together with interest earnings thereon and <br />subject to such other adjustments as are appropriate to <br />provide sufficient funds to pay interest due on the Bonds on or <br />before December 1, 1985); plus any special assessments levied <br />with respect to New Improvements financed by the Bonds and <br />collected prior to completion of the New Improvements and <br />payment of the costs thereof, shall be credited to the Capital <br />Account, from which there shall be paid all costs and expenses <br />of the Unfunded Improvements and the New Improvements, <br />including the reimbursement of funds from which the City has <br />heretofore borrowed moneys to pay the costs of the Unfunded <br />Improvements and the cost of any construction contracts <br />heretofore let and all other costs incurred and to be incurred <br />of the kind authorized in Minnesota Statutes, Section 475.65; <br />and the moneys in said account shall be used for no other <br />purpose except as otherwise provided by law; provided that the <br />Bond proceeds may also be used to the extent necessary to pay <br />interest on the Bonds due prior to the anticipated date of <br />commencement of the collection of taxes or special assessments <br />heretofore or herein levied or covenanted to be levied; and <br />provided further that if upon completion of the New <br />Improvements there shall remain any unexpended balance in the <br />Capital Account, the balance (other than any special <br />assessments) may be transferred by the Council to the fund of <br />any other improvement instituted pursuant to Minnesota <br />statutes, Chapter 429; and provided further that any special <br />assessments credited to the Capital Account are hereby pledged <br />and shall be used only to pay principal and interest due on the <br />Bonds. There is hereby pledged and there shall be credited to <br />the Debt Service Account (a) all collections of special <br />assessments heretofore levied for the Unfunded Improvements or <br />herein covenanted to be levied for the New Improvements and <br />either initially credited to the Capital Account and required <br />to pay any principal and interest due on the Bonds or collected <br />subsequent to the completion of the New Improvements and <br /> <br />. <br /> <br />15 <br />