05-28-74 Special Mtg. - Laserfiche WebLink

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1495 and there shall be credited to the Common Sinking Fund Account, all collections of special assessments herein covenanted to be +evied, all accrued interest received upon delivery of said bonds, all funds paid for the bonds in excess of $390,200, and all funds remaining in said 1974 Imp- rovement Bonds Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the Construction Account of another improvement. The Common Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder and all other general obligation improvement bonds of the City hereafter issued by the City and made payable from said Account. Any (a) earnings or net profits derived from investment or de- posit of the proceeds of said bonds not expended for said improvements, (b) accrued interestand premium received upon the sale of said bonds, and (c) any other bond proceeds not expended for said improvements will be applied against interest and/or principal due on said bonds within three years of their date of issue. --, 9. It is hereby determined that no less than $395,000 of the cost of improvements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improve- ments. Said amount is not less than 20% of the cost of the improvements to the City within the meaning of Minnsota Statutes, Section 475.58, Subdivision 1 (3). 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 assess- ment 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 proceed- ings 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 precedent thereto, the City and this Council will forthwith do all 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 in- stallments, with general taxes for the years shown below and with interest on the deferred balance of all such assessments at the rate of 8%per annum: LEVY YEARS l_ IMPROVEMENT DESIGNATION AMOUNT Improvements 1974 $395,000 1974-83 Said special assessments are such that if collected in full they, together with estimated collections of other revenues pledged for the pay- ment of said bonds, will produce at least five per cent in excess of the amount needed to meet when due the principal and interest payments on the bonds. For the prompt and full payment of the principal of and interest on said bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. 10. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Dakota County, Minnesota, together with such other information as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Bond Register. 11. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to said bonds and to the fin- ancial condition and affairs of the City, and such other affidavits, certi- ficates and information as are required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, ,including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein.