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<br />.c' .. <br /> <br />due on the Bonds on or before March 1, 1990), plus any <br />special assessments levied with respect to the <br />Improvements and collected prior to completion of the <br />Improvements and payment of the costs thereof. From the <br />Construction Account there shall be paid all costs and <br />expenses of making the Improvements listed in paragraph <br />16, including the cost of any construction contracts <br />heretofore let and all other costs incurred and to be <br />incurred of the kind authorized in Minnesota Statutes, <br />Section 475.65; and the moneys in said account shall be <br />used for no other purpose except as otherwise provided by <br />law; provided that the proceeds of the Bonds may also be <br />used to the extent necessary to pay interest on the Bonds <br />due prior to the anticipated date of conm\encement of the <br />collection of taxes or special assessments herein levied <br />or covenanted to be levied; and provided further that if <br />upon completion of the Improvements there shall remain <br />any unexplained balance in the Construction Account, the <br />balance (other than any special assessments) may be <br />transferred by the Council to the fund of any other <br />improvement instituted pursuant to Minnesota Statutes, <br />Chapter 429, and provided further that any special <br />assessments credited to the Construction Account shall <br />only be applied towards payment of the costs of the <br />Improvements upon adoption of a resolution by the City <br />Council determining that the application of the special <br />as~essments for such purpose will not cause the City to <br />no longer be in compliance with Minnesota Statutes, <br />Section 475.61, Subdivision 1. <br /> <br />(ii) Debt Service Account. There are hereby <br />irrevocably appropriated and pledged to, and there shall <br />be credited to the Debt Service Account: (a) all <br />collections of special assessments herein covenanted to <br />be levied with respect to the Improvements and either <br />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 <br />subsequent to the completion of the Improvements and <br />payment of the costs thereof; (b) all accrued interest <br />received upon delivery of the Bonds; (c) all funds paid <br />for the Bonds in excess of $3,431,372.55; (d) capitalized <br />interest in the amount of $235,524 (together with <br />interest earnings thereon and subject to such other <br />adjustments as are appropriate to provide sufficient <br />funds to pay interest due on the Bonds on or before <br />March 1, 1990); (e) any collections of all taxes herein <br />or hereafter levied for the payment of the Bonds and <br />