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CITY OF LAUDERDALE <br />ASSESSMENT POLICY MANUAL <br />B. TYPES OF OBLIGATIONS <br />Obligations used to finance public improvement projects are called improvement bonds. <br />The proceeds from the sale of the improvement bonds are used to fund project costs. <br />The improvement bonds are then paid off as the funds become available through <br />collection of special assessments and any taxes levied for that purpose. Improvement <br />bonds carry the City's general obligation pledge. <br />C. METHOD OF ISSUANCE <br />All improvement bonds shall be issued in accordance with the provisions of Minnesota <br />State Statutes, Chapter 475. If finrenty percent (20%) or more of the cost of the <br />improvement or improvements is to be assessed against benefited properties, no <br />election is required prior to issuing the improvement bonds and the improvement bonds <br />do not count against the City's statutory debt limit. <br />D. CONSOLIDATING PROJECT FINANCING <br />If several public improvements are being carried out at the same time, the City Council <br />reserves the right to consolidate all necessary financings into one improvement project <br />for the purpose of issuing improvement bonds. This election will be made at the time of <br />the public hearing on the improvements. <br />24 <br />