My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
08-21-00
10.0.0.9
>
City Council
>
CC Packets
>
2000's
>
2000
>
08-21-00
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
9/27/2021 3:25:22 PM
Creation date
10/5/2006 3:40:49 PM
Metadata
Fields
Template:
City Council
City Council - Type
CC Packets
Date
10/5/2006
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
167
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
of another improvement; (g) all investment earnings on funds held <br /> in the Debt Service Account; and (h) any and all other moneys <br /> which are properly available and are appropriated by the <br /> governing body of the City to the Debt Service Account . The Debt <br /> Service Account shall be used solely to pay the principal and <br /> interest and any premiums for redemption of the Bonds and any <br /> other general obligation bonds of the City hereafter issued by <br /> the City and made payable from said account as provided by law. <br /> No portion of the proceeds of the Bonds shall be used <br /> directly or indirectly to acquire higher yielding investments or <br /> to replace funds which were used directly or indirectly to <br /> acquire higher yielding investments, except (1) for a reasonable <br /> temporary period until such proceeds are needed for the purpose <br /> for which the Bonds were issued and (2) in addition to the above <br /> in an amount not greater than the lesser of five percent (W of <br /> the proceeds of the Bonds or $100, 000 . To this effect any <br /> special assessments against benefitted properties are also <br /> pledged to the Debt Service Account, in excess of amounts which <br /> under then-applicable federal arbitrage regulations may be <br /> invested without regard to yield shall not be invested at a yield <br /> in excess of the applicable yield restrictions imposed by said <br /> arbitrage regulations on such investments after taking into <br /> account any applicable "temporary periods" or "minor portion" <br /> made available under the federal arbitrage regulations . Money in <br /> the Fund shall not be invested in obligations or deposits issued <br /> by, guaranteed by or insured by the United States or any agency <br /> or instrumentality thereof if and to the extent that such <br /> investment would cause the Bonds to be "federally guaranteed" <br /> •within the meaning of Section 149 (b) of the Internal Revenue Code <br /> of 1986, as amended (the "Code") . <br /> 16 . Assessments. It is hereby determined that no less <br /> than twenty percent (20%) of the cost to the City of each <br /> Improvement financed hereunder within the meaning of Minnesota <br /> Statutes, Section 475 .58, Subdivision 1 (3) , shall be paid by <br /> special assessments to be heretofore levied against every <br /> assessable lot, piece and parcel of land benefitted by any of the <br /> Improvements . The City hereby covenants and agrees that it will <br /> let all construction contracts not heretofore let within one (1) <br /> year after ordering each Improvement financed hereunder unless <br /> the resolution ordering the Improvement specifies a different <br /> time limit for the letting of construction contracts . The City <br /> hereby further covenants and agrees that it will do and perform <br /> as soon as they may be done all acts and things necessary for the <br /> final and valid levy of such special assessments, and in the <br /> event that any such assessment be at any time held invalid with <br /> respect to any lot, piece or parcel of land due to any error, <br /> defect, or irregularity in any action or proceedings taken or to <br /> be taken by the City or the City .Council or any of the City <br /> officers or employees, either in the making of the assessments or <br /> in the performance of any condition precedent thereto, the City <br /> 1194249.1 22 <br />
The URL can be used to link to this page
Your browser does not support the video tag.