1984 City Charter - Laserfiche WebLink

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to the c~tY i~ to be assessed against benefited property. The maturltz~s~sh~ll be such as zn the oplnzon of the Council are warrantedl ~y ~he anticipated collections of assessments and ad valorem le~ie~ for the City's share of the cost; except that the Council ma~ i~ its discretion issue and sell temporary improvemen~ bounds maturing and subject to further conditions as set forth~ in SUbdivision 5. Ail obligations shall state upon their fac~e~ith~ purpose of the issue and the fund from which they are payable. 'The amount of any obligations issued hereunder shall not ~e ~ncluded in determining the net indebtedness of the City under~,th~ provisions of any law limiting such indebtedness. Subdiviso,n,4. Funds. The proceeds from the sale of each issue of obligate, OhSI and from collections of special assessments levied and otherl ~oniies appropriated for each improvement to be financed wholly or' ~.artily from such proceeds shall be credited to a separate cdnst~uction fund which shall be used solely to defray expenses o~ such improvements and payment of principal and interest d~e upon the obligations prior to completion and payment of all costs o~ the improvements so financed. Any balance of the proceeds ~ bo~ds remaining therein may be used to pay the cost, in whole 0~ ini part, of any other improvement instituted pursuant to this ch~,pte~. A separate account shall be maintained in the constructidn f~nd to record expenditures for each improvement, and when £~e t~tal cost thereof has been paid, all subsequent collectioms ofi special assessments levied for the improvements shall be ¢~edi,~ed and paid into the debt service fund for the obligatio,n~ issued to finance the improvement, as provided in Minnesota ~tat~tes 475.61. Any taxes levied for improvements financed ,bM an', zssue of obligations shall be credited directly to the debt service fund. Subdivisi°~ 5.i Temnorarv Immrovement Bonds. In anticipation of the isst~ nc~ of improvement bonds, the Council may by resolutio~l i!iss~e and sell temporary improvement bonds maturing within no~ ',~or~ than three years from their date of issue to pay any part ~'~ ali of the cost of one or more improvements. To the extent tha~', the principal of and interest on the temporary improveme~ bo~ds cannot be paid when due from receipts of special assessments, taxes, or other funds appropriated for the purpose, ~ey ~hall be paid from the proceeds of improvement bonds or a~itional temporary improvement bonds which the Council shall offeri for sale in advance of their maturity but the indebtedn~s~ f~nded by an issue of temporary improvement bonds shall not b!~ e~temded by the issue of additional temporary improveme~,~ibo~ds for more than six years from the date of the first issae~!. ?he holders of any tempoary improvement bonds shall have amd ma~ eaforce, by mandamus or other appropriate proceedings?, all~ rights respecting the levy and collection of sufficien~ iSpe~ial assessments and taxes to pay the cost of the improveme~t~ f~nanced by them which are granted by law to holders of improvem~ent Ibonds, except the right to require the levies to be collec~e~ p~ior to the maturity of the temporary improvement bonds. If any !temporary improvement bonds are not paid in full