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~~ 757 RESOLUTION ESTABLISHING A SINKING .FUND FOR THE PAYMENT OF GEImRAL IMPROVEMENT BONDS AND APPRO- PRIATING 'ID THAT FUND TAXES AND SPECIAL ASSESS- W"..NTS LEVIED FOR IMPROVEMENTS FINANCED BY SUCH BONDS BE IT RESOLVED BY w:E Council of the Village of Roseville, Minnesota, as follows: 1. Under and pursuant to the provisions of Minnesota Statutes, Sections 429.091 and 475.61, a separate and special fund is created and shall hereafter be maintained by the Treasurer on the official books and records of the Village, to be designated as the General Improvement Bond Sinking Fund. '!his fund shall be used only to pay the principal of and interest on general obligation improvement bonds of the Village, issued pursuant to Minnesota Statutes, Chapter 429, and any future acts amending or sU];lplementing the same, to finance 1m:provements other than improvements of the municipal water and sewerage systems j provided that no bonds shall be issued and made payable from this fund tmless the improvement or improvements financed thereby shall have been duly ordered after public hearing as required by Chapter 429, and a contract has been a.warded or other provision made as therein required, for the construction of all or a portion of each such improvement, and the Council has by resolution created a. separate and special Improvement Fund for each such improvement and has appropriated thereto from the proceeds of such bonds a sum suffi- cient to pay all or any designated portion of the cost of such improvement, in anti- cipation of the levy and collection of special assessments upon properties benefited by the improvement and, if so determined by the Council, taxes upon all taxable prop- erty within the corporate limits of the Village by reason of the benefits which the Village at large will derive therefrom. 2. In accordance 'With Minnesota Statutes, Section 475.61, the Council shall, before the delivery of ea.ch issue of bonds PB\Ya.ble from the General Improve- ment Bond Sinking Fund, leyy by resolution, if such levy is required, a direct, gen- eral, ad valorem tax upon all ta.r.able property in the Village, to be spread upon the tax rolls for each year of the term of the bonds, in specified amounts such that if co~ected in full they, together with estimated collections of all special assess- ments and taxes then or theretofore appropriated to the Sinking Fund, will produce sums at least 5% in excess of the amount needed to meet each year when due the prin- cipal and interest payments on all bonds payable fram the Sinking Fund, including the bonds then issued, and the Clerk shall file a certified ccrpy of each such reso- lution in the office of the County Auditor of Ramsey County, together with :full informa.tion regarding the bonds for which the tax is levied or, if no tax is then levied, full information regarding the special assesmnents and other moneys a.ppro- priated to the Sinking Fund in lieu of such tax levy. No further action by the Village shall be required to authorize the extension, assessment and collection of the tax, but the Village's liability on the bonds shall not be limited thereto, and the Council shall levy and cause to be extended, assessed and collected any addi- tional taxes found necessary for full payment of the principal and interest, when due, of all bonds payable from the General Improvement Bond Sinking Fund. All tax levies so made and filed shall be irrevocable, except to the extent and in the man- ner specified in Section 475.61, and the General Improvement Bond Sinking Fund shall be administered and invested in accordance with Section 475.66. ~18-