05-28-74 Special Mtg. - Laserfiche WebLink

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1499 the bonds in excess of $143,250, and allfunds remaining in said Construction Account after completion of the improvements and payment of the costs thereof. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder and any other general obligation bonds of the City hereafter issued by the City and made payable from said account. Any earnings (a) or net profits derived from investment or deposit of the proceeds of said bonds not expended for said improvements, (b) accrued interest and premium received upon the sale of said bonds, and (c) any other bonds proceeds not expended for said improvements will be applied against in- terest and/or principal due on said bonds within three years of their date of issue. 9. It is hereby determined that no less than $145,000.00 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 improvements, in accordance with Minnesota Statutes, Section 459.14. Said amount is not less than 50% of the total amount of the bonds issued within the meaning of Minnesota Statutes, Section 459.14, Subdivision 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 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 precedent thereto, the City and this Council will forthwith do all such further acts and take all such further proceedings as may be re- quired 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 assessments at the rate of 8% per annum: Improvement Designation Amount Levy Years Improvements 1974 $145,000 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 irrevocable pledged. 10. The City clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Dakota County, Minnesota, to- gether 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 financial condition and affairs of the City, and such other affidavits, certificates 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, in~lud- ing any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. The motion for the adoption 0 seconded by Councilman Fischer and upon following voted in favor thereof: All p against the same: None. ~ereupon said resolution was tv eN ~/~ City Clerk . oregoing resolution was duly eing taken thereon, the and the following voted ATTEST i '---1 ~ I I . ._~ I: I L