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9s0�:
<br />(Resolution,#999 Continued)
<br />parking lot improvement and has. established the district to be
<br />-assessed therefor; -that the total cost of acquiring said parking
<br />facility is:estimatedyto be $47,00% and such estimate s believed to
<br />be reasonably accurate-- that, the total benefits•,resulting from said
<br />parking facility to the lots, pieces and parcels.of land ,to' be;.
<br />assess d therefor, -anal io the, Village at large.,-. will, be substantially
<br />in excess,of the total cost thereof; that the Village has:.adopted,and
<br />confirmed an assessment -roll levying spe:cial.asses.sments on properties
<br />benefited by said facility, after'a public hearing. "and notice thereof,
<br />given as required by law;' that- the total'- .principal amount of the
<br />assessments shown in.said,roll exxceeds.`$47,,-000 .and such assessments
<br />are •payable in 15 equal, annual ins'tallments,, the first, nstallment"
<br />to be,collected .in 196,2 andone.est at. the ra-te of- 6%, per
<br />,annum on all, unpaid.* installment_ -s. has be.eri added', to each installment;
<br />that, -it' is necessary to' borrow the -sum of $47*000 for the purpose,: of:
<br />paying the .Costs of said' facility �wh�.ch toanriot be.. paid from .funds -;on
<br />hand.; ..and that such suk. of $47,000 may best be borrowed by* the .issuance ,
<br />of ,the general obligation -bondst of the Village in'-acoordance; with' -the:
<br />provisions of,.Minnesota.Statutes 19'61." 459.14.
<br />2. There is hereby created a separate fund ,to be.de.signated
<br />as, the. "Parking Fac lity Bond Fund, �� to be held, -and, administered, -by-
<br />:"the'Village Treasurer ,as,a separate`°debt_redempti-n fund on.the books
<br />of the. Village*, in accordance with' -the provi'6ions.-of Minnesota
<br />Statutes '1'961, ,- Section 475.61 et `• seq. , and 'shall be continued and:
<br />maintained in •the .mann.er`�btre`,in..rs.pecified until all :of the bonds herein
<br />authorized -and, .interest thereon' shall have been duly paid. There shiill
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<br />be credited ,`to the`said fund all'coll-ections of ,special assessments
<br />levied 'for said parking facility, 'all accrued interest received -upon
<br />delivery of�•sad :bonds,, and any collections of general ad valorem taxes
<br />levied to pay said bonds or' any other bonds mad®.payable from :said'
<br />_fund.. The moneys in: said fund shall �be' held and used only. f.or the -
<br />payment. of the, principal of and interest on said blonds .and on any .other
<br />bonds which,'may ' hereafter be issued .and . made :payable from said fund.,`.
<br />The full faith sand credit of the Village",,shal-1-be and are hereby
<br />pledged to -pay said bonds and interest, and ,the 'principal and.-int.ere.st� ' ,
<br />thereof shall- be paid ou.t of _any funds' in the treasury,,' if the moneys;.' .
<br />bn hand in said fund are at any timi e. iribufficientto 7.meet the' payment
<br />of- maturing ' principal and .interest;. 'The: V Hage her' eby recognizes, its
<br />.obligation .:to levy sufficient taxes' to' take ,care of deficienee,s,,,, as
<br />provided in Minnesota Statutes .1;961, .Section'4.75.61 and- 475.740
<br />3. It, is found and determined - that the sumC.'of $47., 000
<br />heretofore assessed for said facility does "not exceed" the total
<br />benefits .conferred and to be conferred by said facility upon all of
<br />the properties -.;within- the•:are.a so assessed: `The Village hereby
<br />covenants and agrees that it will do andz,perform,,assoon as -.may be-,
<br />.all'; acts and things necessary for'_'the%colle;etion of special assess
<br />:meats for said facility against benefited` properties in an amount not
<br />less' than above stated, .In, -the event that any ;assessment levied, ,to',
<br />pay for said facility ,.be at any time -held invalid with respect to any.
<br />-'lot, piece or.•pareel of land, due to any error, defect or irregu-
<br />larity in any.action or.,proceeding.taken or -to -be taken by the Village;
<br />or this Council or .any .of the Village's s -;officers or employees,. either
<br />in the making .of such assessment -or in the performance of any con-.
<br />dition- recedent.-thereto, :the_Village ,and this Council hereby
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<br />covenant and agree that .they will forthwith do all such. further acts.
<br />and,° take all such further proceedings °as.:may be required by law to
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