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1999_0125_packet
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1999_0125_packet
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acquire higher yielding investments, except (1) for a reasonable <br /> temporary period until such proceeds are needed for the purpose <br /> f or which the Bonds were issued and ( ) in addition to the above <br /> in are amount not greater than the lesser of five percent (5%) of <br /> the proceeds of the Bonds or $100, 000. To this effect, any <br /> proceeds of the Bonds and any suns from time to t ime held in the <br /> Construction Account or Debt Service Account (or any other City <br /> account which will be used to pay principal or interest to become <br /> due on the bonds payable therefrom) in excess of amounts which <br /> under then-applicable federal arbitrage regulations may be <br /> invested without regard to yield shall not be invested at a yield <br /> in excess of the applicable yield restrictions imposed by said <br /> arbitrage regulations on such investments after taking into <br /> account any applicable 'temporary periods" or "minor portion" <br /> made available under the federal arbitrage regulations. Money in <br /> the Fund shall not be invested in obligations or deposits issued <br /> by, guaranteed by or insured by the United states or any agency <br /> or instrumentality thereof if and to the extent that such <br /> investment would cause the Bonds to be "federally guaranteed" <br /> within the meaning of section 14 9 (b) of the Internal Revenue Code <br /> of 1986, as amended (the "Code") . <br /> 161 Assessments. It is hereby determined that no less <br /> than twenty percent (20%) of the cost to the City of <br /> each Improvement financed hereunder within the meaning <br /> of Minnesota statutes, section 475 . 58 , Subdivision <br /> 1(3) , shall be paid by special assessments to be levied <br /> against every assessable lot, piece and parcel of land <br /> benefitted by any of the Improvements. The City hereby <br /> covenants and agrees that it will let all construction <br /> contracts not heretofore let within one (1) year after <br /> ordering each Improvement financed hereunder unless the <br /> resolution ordering the Improvement specifies a <br /> different time limit for the letting of construction <br /> contracts. The City hereby further covenants and <br /> agrees that it will do and perform as soon as they may <br /> be done all acts and things necessary for the final and <br /> valid levy of such special assessments, and in the <br /> event that any such assessment be at any time held <br /> invalid with respect to any lot, piece or parcel of <br /> land due to any error, defect, or irregularity in any <br /> action or proceedings taken or to be taken by the City <br /> or the city council or any of the city officers or <br /> employees, either in the making of the assessments or <br /> in the performance of any condition precedent thereto, <br /> the City and the city Council will forthwith do all <br /> further acts and take all further proceedings as may be <br /> required by law to make the assessments a valid and <br /> binding lien upon such property. The special <br /> assessments have not heretofore been authorized, and <br /> accordingly, for purposes of Minnesota statutes, <br /> Section 475. 55, Subdivision 3 , the special assessments <br /> are hereby authorized. Subject to such adjustments as <br /> are required by the conditions in existence at the time <br /> the assessments are levied, it is hereby determined <br /> that the assessments shall be payable in equal, <br />
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