Agenda - Council - 12/21/1982 - Laserfiche WebLink

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I ,b~'L~OVEm~NTS § 429.091 !~ &~aary..to defray in whole or in part the expense incurred and estimated to be ['i'~l~u~t~:! tm making the improvement or improvements, including every item of cost of the I IIlllz~la ~u~'l in secti°n 475'65' In the event °f any °missi°n' err°r' °r mistake in any ]~ tl~ l~X~e~hngs required precedent to the ordering of any improvement, the validity of I' ~l~fllgatlons shall not be affected thereby. The council shall cause all further actions ~7 .$~l'woea~ings to be taken with due diligence that are required for the construction of ~,: ii1~1 .~tal:a~e merit I'-~, I I I financed wholly or partly from the proceeds of obligations issued . and for the final and valid levy of special assessments and the appropriation of ~.:~J~ea' Tunds needed to pay the obligations and interest thereon when due~ ~ Types of obligations permitted. The council may by resolu'tion adopted prior · "I~ I~ml~ of obligations pledge the full faith, credit, and taxing power of the municipality , ~ tl~ payment of the principal and interest~ Such obligations shall be called improve- '~ ~ bonds and the council shall pay the principal and interest out of any fund of the ' ~ ia~ak~pality when the amount credited to the specified fund is insufficient for the purpose ': ;~l~l-fl~all .each year levy a sufficient amount to take care of accumulated or anticipated i'.,:ltl/klendea,'which levy shall not be subject to any statutory or charter tax limitatior~ :~i,.Of;~fi~n~ for the payment of which the full faith and credit of the municipality is not !~_!.:~ shall be called improvement warrants and shall contain a promise to pay solely out ~? .~,..~ proper special fund. It shall be the duty Of the municipal treasurer to pay maturing ~.~ so4 mteres$ on warrants out of funds on hand m the proper specml fund and not '.~-: ,,~L ~. Method of issuance. All obligations shall be issued in accordance with the ~.'~adt~on~ ~f chapter 475, except that an election shall be required for bonds if less than 20 .~-~.t~'tr-at Of the cost. of the improvement to the municipality is to be assessed against :i~:[~afit~ property. The maturities shall be such as in the opinion of the council are ~'~'r~nted _by_ the anticipated collections of assessments and ad valorem levies for the :~!]t~tdpMity s share of the cost; except that the council may in its discretion issue and sell nimpr°vement bonds maturing and subject to further conditions as set forth in ,.'-~--~ 5. All obligations shall state upon their face the purpose of the issue and the ~'~'. fergl from which they are payable. The amount of any obligations issued hereunder shall 2~ be.included in determining the net indebtedness of any municipality under the · ~ ~;xiorm,of any law limiting such indebtedness. ~ffJ~ba..~' 'Funds. The proceeds from the sale of each issue of obligations and from ~A~ions of special assessments levied and other moneys appropriated for each improve- ~'~t to be financed wholly or partly from such proceeds shall be credited to a separate ,~'-~¢~xuction fund which shall be used solely to defray expenses of such improvements and ;i~:~-mant.'of principal and interest due upon the obligations prior to completion and ' ~'~nt of all costs of the improvement~ so financed. _Any balance of the proceeds of ~.?~remain';ng therein may be .used to pay the cost, in whole Or ]n part, o~ ~ j-~..~___~ement a--~stituted pu--~uant to t ~s c ap r. te account s~aintained ,::i .t.~ ~ ~_~dtion fund to ~ecord expen_di~provement, and~ .i!~!- ~'at, l~ereof h~Sequen~ c_~],ions of sPecial ~~ .2:._~~ .be credited, and paid.. !~ debt service fund for the obligations ~7. [/a~¢l 'to finance the improvement,_as Pr0~ided in section 475.61. ny xes [;~:~nced by an issue of obligations shall be dreSited dir~tly to the~--ffdbZ-' d~Ju-%~ioe fund. · ~ -- /~';g~d. ~. Temporary improvement bonds. In anticipation of the issuance of improve- '?.).~ '~¢z~at bonds, the council may by resolution issue and sell temporary improvement bonds i~i:]-'~,ctnring within not more than three years from their date of issue to pay any part or all 5~'~4-~f th~ ~ost of one or more improvements. To the extent that the principal of and interest .:~!;'~,~ tM temporary improvement bonds cannot be paid when due from receipts of special :.(-Td' ~l~rnemts, taxes, or other funds appropriated for the purpose, they shall be paid from ~]:[:~.';?,'~ 9.f improvement bpnds or additional temporary !mprovement bonds which the.