06-16-70 Special Mtg. - Laserfiche WebLink

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532 and the Mayor and the Clerk are authoized and directed to execute the same, and to cause said coupons to be executed and authenticated by the printed, engraved or lithographed facsimile signatures of said officers. 7. The said bonds when so prepared and executed aha11 be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. 8. There is hereby created a special fund to be d~signated "Improvement Bonds of 1970, Series B Fund" to be held and administered by the City Treasurer separate and apart from all other funds of the City. Said fund shall be apart from all other funds of the City. Said fund shall be maintained in the manner herein specified until all of the bonds herein authorized and the interestthereon have been fully paid. In said fund there shall be maintained two separate accounts, to be designated as the "Construction Account" and the "Sinking Fund Account", respectively. The proceeds of the sale of the bonds herein authori~ed, 1e~accrued interest received thereon and less any amount paid for saidbonds in excess of $279,420, shall be credited to the Construction Account, from which there shall be paid all costs and expenses of making said improvements, includ- ing the costs of construction contracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to pay interest on said bonds due prior to the anticipated date of commence- ment of the collection of taxes or special assessments herein levied, and provided further that if 4pon completion of said improvements there shall remain any unexpended balance in said Construction Account, said balance may be transferred by the Council to the fund of any other improvement instituted pursuant to Chapter 429 M.S.A. There is hereby p1edgooand there shall be credited to the Sinking Fund Account, all collections of special assessments and taxes herein levied, all accrued interest received upon delivery of said bonds, all funds paid for the bonds in excess of $279,420, and all funds remaining in said Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improvement. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder. 9. It is hereby determined that no less than $285,000 of the cost of imprevements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improve- ments. 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 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 this Councilor any of the City officers or employees, either in the making of such assessments or in the performance of any condition presedent thereto, the City and this Council will forthwith do,al1 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. Said 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 assess- ments at the rate of 8% per annum. Improvement Designation Street State Aid Improvements - Project No. 5568, Sewer and Water Improvements - Projects No. 5521, and Street Improvements - Projects No. 5520 Amount Levy Years $285,000.00 1971-1980 10. To provide moneys for the payment of said principal and interest there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of, other general property taxes in said City for the years and in the amounts as follows: Year of Tax Levy 1970 1971 Year of Tax Collection Amount 1971 1972 $1 , 52 9 -0- n LJ fi , I l__i r' , I ~-'