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CC_Minutes_2011_1212
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Roseville City Council
Document Type
Council Minutes
Meeting Date
12/12/2011
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(a) Construction Account. To the Construction Account there shall be credited the <br /> proceeds of the sale of the Bonds, less accrued interest received thereon, capitalized interest and <br /> any amount paid for the Bonds in excess of the minimum bid. From the Construction Account <br /> there shall be paid all costs and expenses of the Project, including the cost of any construction <br /> contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in <br /> Minnesota Statutes, Section 475.65; and the moneys in said account shall be used for no other <br /> purpose except as otherwise provided by law; provided that the proceeds of the Bonds may also <br /> be used to the extent necessary to pay interest on the Bonds due prior to the anticipated date of <br /> the collection of taxes herein levied or covenanted to be levied. <br /> (b) Debt Service Account. There are hereby irrevocably appropriated and pledged to, <br /> and there shall be credited to,the Debt Service Account: (i) all accrued interest received upon <br /> delivery of the Bonds; (ii) capitalized interest in the amount of$ (together with interest <br /> earnings thereon and subject to such other adjustments as are appropriate to provide <br /> sufficient <br /> funds to pay interest due on the Bonds on or before September 1, 2012); (iii) all funds paid for <br /> the Bonds in excess of the minimum bid; (iv) all collections of all taxes herein or hereafter levied <br /> for the payment of the principal and interest on the Bonds; (v) all funds remaining in the <br /> Construction Account after completion of the Project and payment of the costs thereof; (vi) all <br /> investment earnings on funds held in the Debt Service Account; and(vii) any and all other <br /> moneys which are properly available and are appropriated by the governing body of the City to <br /> the Debt Service Account. The Debt Service Account shall be used solely to pay the principal <br /> and interest and any premiums for redemption of the Bonds and any other general obligation <br /> bonds of the City hereafter issued by the City and made payable from the Debt Service Account <br /> as provided by law. <br /> No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire <br /> higher yielding investments or to replace funds which were used directly or indirectly to acquire <br /> higher yielding investments, except(i) for a reasonable temporary period until such proceeds are <br /> needed for the purpose for which the Bonds were issued and(ii) in addition to the above in an <br /> amount not greater than the lesser of five percent of the proceeds of the Bonds or$100,000. To <br /> this effect, any proceeds of the Bonds and any sums from time to time held in the Construction <br /> Account or the Debt Service Account(or any other City account which will be used to pay <br /> principal or interest to become due on the bonds payable therefrom) in excess of amounts which <br /> under then applicable federal arbitrage regulations may be invested without regard to yield shall <br /> not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage <br /> regulations on such investments after taking into account any applicable "temporary periods" or <br /> "minor portion" made available under the federal arbitrage regulations. Money in the Fund shall <br /> not be invested in obligations or deposits issued by, guaranteed by or insured by the United <br /> States or any agency or instrumentality thereof if and to the extent that such investment would <br /> cause the Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the <br /> Internal Revenue Code of 1986, as amended (the "Code"). <br /> 16. Tax Levy; Coverage Test. To provide moneys for payment of the principal and <br /> interest on the Bonds there is hereby levied upon all of the taxable property in the City a direct <br /> annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of <br /> other general property taxes in the City for the years and in the amounts as follows: <br /> 16 <br /> 4359970v1 <br />
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