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1999_0125_packet
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1999_0125_packet
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(a) ConStrMction ■ <br /> To the construction Account <br /> there shall be credited the proceeds of the sale of the Bonds, <br /> less accrued interest received ther'eonf and less any amount paid <br /> for the Bonds in excess of $2 , 462 , 500, plus any special assess- <br /> ments ts levied with respect to the Improvements and collected prior <br /> to completion of the Improvements and payment of the costs <br /> F <br /> thereof, From the Construction Account there shall be paid all <br /> costs and expenses of making the Improvements listed in paragraph <br /> 16, including the cost of any construction contracts heretofore <br /> let and all other costs incurred and to be incurred of the kind <br /> authorized in Minnesota Statutes, section 475. 65; and the moneys <br /> in said account shall be used for no other purpose except as <br /> otherwise p rovided by law; provided that the proceeds of the <br /> Bonds may also be used to the extent necessary to pay interest on <br /> the Bonds due prior to the anticipated date of commencement of <br /> the collection of taxes or special assessments herein levied or <br /> covenanted to be levied; and provided further that if upon <br /> completion of the Improvements there shall remain any unexpended <br /> balance in the construction Account, the balance (other than any <br /> special assessments) may be transferred by the Council to the <br /> fund of an y other improvement instituted pursuant to Minnesota <br /> Statutes Chapter 425, and provided further that any special <br /> assessments credited to the construction Account shall only be <br /> applied towards payment of the costs of the Improvements upon <br /> adoption of a resolution by the city Council determining that the <br /> P <br /> application of the special assessments for such purpose will not <br /> cause the city to no longer be in compliance with Minnesota <br /> Statutes, Section 475+ 61f Subdivision 1, <br /> u There are hereby irrevocably <br /> (b) be credited to the <br /> appropriated and pledged to, and there shall <br /> F <br /> Debt Service Account: (i) all collections of special assessments <br /> herein covenanted to be levied with respect to the Improvements <br /> and either initially credited to the construction Account and not <br /> already spent as permitted above and required to pay any <br /> principal and interest due on the Bonds or collected subsequent <br /> to the completion of the Improvements and payment of the costs <br /> interest received upon delivery of the <br /> thereof; (ji) al�. accrued inter p <br /> Bonds (iii) all funds paid for the Bonds in excess of <br /> � � <br /> $2 ,462 , 500; (iv) any collections of all taxes herein or hereafter <br /> 1 p <br /> levied for the payment of the Bonds and interest thereon; (v) all <br /> f ands remaining in the Construction Account after completion of <br /> the Improvements and payment of the costs thereof, not so <br /> transferred to the account of another improvement (v i) all <br /> investment earnings on funds held in the Debt Service Account; <br /> and (vii) an and all other moneys which are proper l ava►i lab l e <br /> y � e <br /> and are appropriated by the governing body of the City to the <br /> Debt Service Account, The Debt Service Account shall be used <br /> y pay solely to a the principal and interest and any premiums for <br /> redemption tion of the Bonds and any other general obligation bonds of <br /> the City hereafter issued by the city and made payable from said <br /> account as provided by law. <br /> Mo p ortion of the proceeds of the Bonds shall be used <br /> directl y or indirectly to acquire higher yielding investments or <br /> to replace funds which were used directly or indirectly to <br /> 1006009.1 21 <br />
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