res_6569 - Laserfiche WebLink

Home

pursuant to Minnesota Statutes, Chapter 429; and provided further that any special assessments credited to the Construction Fund are hereby pledged and shall be used only to pay principal and interest due on the bonds. There is hereby pledged and there shall be credited to the Debt Ser- vice Fund (a) all collections of special assessments herein covenanted to be levied and either initially credited to the Construction Fund and required to pay any principal and in- terest due on the bonds or collected subsequent to the com- pletion of said improvements and payment of the costs thereof; (b) all accrued interest received upon delivery of said bonds, (c) all funds paid for said bonds in excess of $1,570,455, (d) capitalized interest in the amount of $102 740 (subject to such adjustments as are appropriate to provide ' sufficient funds to pay interest due on the bonds on or beforeNo~r 1, I'" ), (e) any collections of all taxes herein levied for the payment of said bonds; and (f) all funds remaining in said Construction Fund after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improvement. The Debt Service Fund herein created shall be used solely to pay principal and interest and any premiums for redemption on the bonds issued hereunder and any other general obligation bonds of the City hereafter issued by the City and made payable from said Fund. 10. It is hereby determined that no less than 20% of the cost of each improvement project financed hereunder to the City within the meaning of Minnesota Statutes, Section 475.58, Subdivision 1(3) shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements. The City hereby covenants and agrees that it will do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assess- ment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity, in any action or proceedings taken or to be taken by the City or u this Councilor any of the City officers or employees, either in the making of such assessments or in the performance of any condition precedent thereto, the City and this Council will forthwith do all such further acts and take all such further proceedings as may be required by law to make such assessments a valid and binding lien upon such property. Subject to such adjustments as are required by conditions in existence at the time said assessments are levied, it is hereby determined that the assessments shall be payable in equal, consecutive, annual installments, with general taxes for the years shown below and with interest on the deferred balance of all such assessments at the rate of at least 8.00% per annum: