CC 12-29-1969 - Laserfiche WebLink

Home Browse Search

� aseesements and taxea levied and revenues approprlated for each improvement prior to the retirement of said Temporary Improvement Bonds shall be paid into the Fund of the Improvement and ahall be used, with money received from said Bond Fund and from any other source appropriated for the purpose, solely to defray e�cpenses of the Improvement unt11 the same is completed and all costs thereof have been paid; whereupon such fund may be discontinued, and any money remaining therein, and all subsequent collections of special assessments and taxes levied aad revenues appro- priated for the improvement. shall be credited and paid into the Series 3 Temporary Improvement Bond Fund. 7. At or before the maturity of the Temporary Improve�nt Bonds, Ser.ies 3, the Council shall provide by resolution for the issuance of definitive improve- ment bonds and ahall isaue, sell and deliver such bonds upon such terms as may be provided in the mos[ favorable bid then received therefor, within such limitations as shall then be provided by law, for the putpose of providing money to pay the principal of and interest on said Temporary Improvement Sonda, so far as the same cannot be paid out of money then on nand in the Series 3 Temporary Improvement Bond Fund. Before the issuance oF such definitive bonds, the Council shall by resolu- tioa determine the cos[ of said improvements which has been paid from the reapec- tive funds thereof, the amount of money remaining on hand in said improvement funds and available for transfer to the Series 3 Fund for the payment of said bonds, and the amount of definitive improvement bonds necessary to be issued to zetire said Temporary Bonds. In the event that such issuance occurs before the levy of all special assessments for said improvements, the Council may estimate the amount of the coat thereof [o be assessed, and the amount of definitive bonds necessary to be issued. The Council shall also estimate the principal amount remalning unpaid of the special assessments levied or to be levied for said improvements, and the interest payeble thereon, and the annual amounts of the collections of any utility revenues which may be pledged and appropriated for the payment of definitive bonda, and shall levy upon all taxable property in the Village a direct, annual, irrepeal- able tax for the years and in the amowts, if any, which will be required, together with the collections of such remaining special asaessments and interest thereon, and of any revenues so appropriated, to produce sims not less than 5% in excess of the principal and interest payments when due upon the definitive improvement bonds, and shall appropriate all such remainin� special assessments and taxes to the fimd to be designated for the payment of such definitive improvement bonds and interest thereon. The proceeds of the definitive improvement bonds shall be simultaneously credited to the Series 3 Temporary Improvement Bond Fund, to the amount required so that the bonds herein authorized may be paid from said fund and redeemed and canceled. S. Ido tax is presently levied tot the payment of the bonds herein author- ized, it being estimated that the proceeds of the definitive improvement bonds herein covenanted aad agreed to be issued, together with special assessmenta to be levied for said improvements, will provide funds adequate for the payment of said bonds and interest in full in accordance wi[h Minnesota Statutes, Section 475.§1. However, the full faith and credit of the Village is hereby pledged for the payment of the bonds herein authorized, througn the issuance of such definitive bonds, and ad valoren taxes shall be levied on all taxable property within the V111age, with- out limitation as to ra[e or amount, to the extent required for the payment of said definitive bonds and interest thereon. 9. The right is reserved to iasue additional series of Temporary Improve- ment Boads paya6le from the fund herein created, [o pay any additional costs of the improvements financed by the bonds herein authorized or of other municipal improve- ments validly instituted in accordance with Minnesota Statutes, Chapter 429, pro- vided that the special assessments and taxes to be levied with respect to any such improvemen[s shall be apptopriated to the Series 3 Temporary Improvement Bond Fund and accounted for as provided in this resolution. � -7- �