12-13-2004 Council Packet - Laserfiche WebLink

Home Browse Search

10. Tliere is hereby created a special fund, to be known as the Refunding Bonds of 2004B Fund, for purpose of paying principal and interest on the Bonds, and in the event the principal of and interest upon the said Bonds shall become due and payable and there are insufficient moneys in said fund to pay such principal and interest, the City Treasurer is authorized and directed to pay said principal and interest from the general fund and thereafter to reimburse said general fund from collections of special assessments for the Improvement. The proceeds of the Bonds herein authorized shall be deposited in a separate account to be used with other available funds, solely for the redemption of the Prior Bonds on February 1, 2005. Any remaining proceeds may be used for any lawful purpose. All future collections of special assessments for the Improvements are hereby irrevocably appropriated and pledged to the payment of principal of and interest on the Bonds herein authorized, and the moneys and investments in the Refunding Bonds of 2004B Fund shall be used for no other purpose than to pay principal and interest on the Bonds until such principal and interest shall have been paid in full; provided, however, that nothing herein contained shall prevent the issuance and sale of additional bonds payable from the proceeds of such assessments to provide additional funds to pay the balance of the cost of said Improvements. The City is hereby authorized to levy assessments for any of said Improvements for which special assessments have not heretofore been levied. The City Treasurer may create separate accounts within the Refunding Bonds of2004B Fund for any capitalized interest and for assessment prepayments. 1 1 . There is hereby levied upon all the ta,\able property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected as part of other general ad valorem taxes of the City in the years and amounts as follows: Lew Year Collection Year 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 Amount Said levy shall be irrepealable and the taxes so levied are irrevocably appropriated to the debt service fund, but the City reserves the right to reduce said levy in the manner and to the extent permitted by Minnesota Statutes, Section 475.61 . It is hereby found and determined that the foregoing taxes, if collected in full, will, together with the estimated collection of pledged special assessments, produce at least five percent in excess of the amount needed to meet when due the payments of principal and interest on the Bonds; but the Bonds are general obligations of the City to which the full faith, credit and unlimited taxing powers of the City have been and are hereby pledged; and 4 i ;■