res_5405 - Laserfiche WebLink

Home

of $1,564,024 may best be borrowed by the issuance of $1,595,000 general obligation temporary improvement bonds of the Village in accordance with the provisions of Minnesota Statutes, Section 429.091, Subdivision 3, as amended, $30,976 of said amount of bonds representing interest as authorized by Minnesota Statutes, Section 47S.56~ and that this Council has awarded the sale of said bonds to The First National Bank of Saint paul, of st. Paul , Minnesota, on the terms and conditions as more fully stated in this resolution. 2. There is hereby created a separate and special fund for each of the improvements to be financed by the bonds herein authorized to be issued. Into said funds shall be paid the proceeds from the sale of said bonds and the collections of special assessments levied on account of said improvements, and any other moneys which this Council may appropriate to defray expenses of making said improvements. The designation of each of such funds, and the amount of bond proceeds to be credited and paid into said respective funds shall be as follows: Name of Fund Amount to be Credited Street Improvement P-69-l8 $ 5,433 32,115 34,295 Storm Sewer Improvement ST-69-19 Sanitary Sewer, Water and Street Improvements 88-69-12, W-69-13 and P-69-14 Sanitary Sewer, Water and Street Improvements 88-69-22, W-69-23 and P-69-24 30,615 Street Improvement P-68-33 16,766 353,338 Sanitary Sewer, Water and Street Improvements 8S-69-7, W-69-8 and P-69-9 Sanitary Sewer, Water and Street Improvements 58-69-27, W-69-28 and P-69-29 115,610 Consolidated Storm Sewer Improvements ST-67-24, ST-69-20 and ST-69-21 902,650 Watermain and Sanitary Sewer Improvements W-SS-69-25 and Street Improvement P-69-26 33,202 $1,564,024 3. Upon completion and payment of all costs of making any of such im- provements, the fund of such improvement shall be discontinued, and all moneys 'therein shall be paid into the Temporary Improvement Bond Fund of the Village which is hereby created; provided, however, that any remaining balance of bond proceeds in any fund not needed for completion of the improvement on account of which the fund was created may by resolution of the Council be transferred to the fund of any other improvement instituted under Minnesota Statutes, Chapter 429.