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Last modified
7/17/2007 9:14:58 AM
Creation date
4/25/2005 12:09:48 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7266
Resolution Title
Notice of Call for Bids on $3,420,000 General Obligation Temporary Improvement Bonds of 1981 of the City,
Resolution Date Passed
10/28/1981
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<br />7. The bonds shall be executed on b~lalf of the City <br />by the signatures of its Mayor and Manager and be sealed with <br />the seal of the City; provided, tllat one (or bOtll) of the <br />signatures and the seal of the City may be printed facsimiles <br />(if the bonds are also signed manually by at least one such <br />officer); and provided further that the corporate seal may be <br />omitted on the bonds as permitted by law. The interest coupons <br />pertaining thereto shall be executed by the printed, engraved <br />or lithographed facsimile signatures of the Mayor and Manager. <br /> <br />~ <br /> <br />8. The bonds when so prepared and executed shall be <br />delivered by the Treasurer to the purchaser thereof upon <br />receipt of the purchase price, and the purchaser shall not be <br />obliged to see to the proper application thereof. <br /> <br />9. There is hereby created a special fund to be <br />designated "General Obligation Temporary Improvement Bonds of <br />1981 Fund" to be held and administered by the City Treasurer <br />separate and apart from all other accounts of the City. The <br />Fund shall be maintained in the Manner herein specified until <br />all of the bonds herein authorized and the interest thereon <br />have been fully paid. There shall be maintained in the Fund <br />two separate accounts, to be designated the "Construction <br />Account" and the "Debt Service Account", respectively. The <br />proceeds of the sale of the bonds herein authorized, less any <br />premium and accrued interest received thereon, and less any <br />amount paid for the bonds in excess of $3,362,317, and less <br />capitalized interest in the amount of $650,770.00 (subject <br />to such adjustments as are appropriate to provide sufficient <br />funds to pay interest due on the bonds on or before <br />October 1, 1982 ), plus any special assessments levied with <br />respect to improvements financed by the bonds and collected <br />prior to completion of the improvements and payment of the <br />costs thereof, shall be credited to the Construction Account, <br />from which there shall be paid all costs and expenses of making <br />the improvements listed in paragraph 10, including the cost of <br />any construction contracts heretofore let and all other costs <br />incurred and to be incurred of the kind authorized in Minnesota <br />Statutes, Section 475.65; and the moneys in said account shall <br />be used for no other purpose except as otherwise provided by <br />law; provided that the bond proceeds may also be used to the <br />extent necessary to pay interest on the bonds due prior to the <br />anticipated date of commencement of the collection of taxes or <br />special assessments herein levied or covenanted to be levied; <br />and provided further that if upon completion of the <br />improvements there shall remain any unexpended balance in the <br />Construction Account, the balance (other than any special <br />assessments) may be transferred by the Council to the fund of <br />any other improvement instituted pursuant to Minnesota <br />Statutes, Chapter 429; and provided however, that upon <br />
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