#11-08-148 - Laserfiche WebLink

Home

Improvements. The City hereby covenants and agrees that it will let all construction contracts not heretofore let within one year after ordering each Public Improvement financed hereunder unless the resolution ordering the Public Improvement specifies a different time limit for the letting of construction contracts. The City hereby further 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 assessment 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 the City Council or any of the City officers or employees, either in the making of the assessments or in the performance of any condition precedent thereto, the City and the City Council will forthwith do all further acts and take all further proceedings as may be required by law to make the assessments a valid and binding lien upon such property. 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 declining balance of all such assessments at a rate per annum not greater than the maximum permitted by law and not less than the rates per annum shown opposite their collection years specified below: Improvement Collection Designation Amount Levy Years Years Rate Project 11 -21 (Bunker Lake Blvd $1,034,060 2011 -2030 2012 -2031 3.36% and Armstrong Blvd) $ 700,940 2014 -2030 2015 -2031 3.36% At the time the assessments are in fact levied the City Council shall, based on the then - current estimated collections of the assessments, make any adjustments in any ad valorem taxes required to be levied in order to assure that the City continues to be in compliance. with Minnesota Statutes, Section 475.61, Subdivision 1. (b) Coverage Test. The special assessments are such that if collected in full they, together with estimated collections of other revenues herein pledged for the payment of the Improvement Portion of the Bonds, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Improvement Portion of the Bonds. Consequently, no taxes are levied at the present time. 17. Covenants Relating to the State -Aid Portion of the Bonds. (a) Certification to Commissioner. Upon the sale of the Bonds an officer of the City shall promptly certify to the Commissioner of Transportation, State of Minnesota, the amount of money required annually for the payment of principal and interest on the State -Aid Portion of the Bonds, all in accordance with Minnesota Statutes, Section 162.18. (b) Expenditure Consistent with Minnesota Statutes Chapter 162. Proceeds of the State -Aid Portion of the Bonds shall be spent only in accordance with the provisions of law and the rules and regulations of the Commissioner of Transportation relating to the establishment, location, relocation, construction, reconstruction and/or improvement of municipal State -Aid streets within the City. The City shall comply with the requirements of Minnesota Statutes, Chapter 162 in making the State -Aid Improvements. 4057760v3 18