Laserfiche WebLink
plus any special assessments levied with respect to <br /> • Improvements financed by the Bonds and collected prior to <br /> completion of the Improvements and payment of the costs <br /> thereof, shall be credited to the Construction Account, from <br /> which there shall be paid all costs and expenses of making the <br /> Improvements listed in paragraph 16, including the cost of any <br /> construction contracts heretofore let and all other costs <br /> incurred and to be incurred of the kind authorized in Minnesota <br /> Statutes, Section 475.65; and the moneys in said account shall <br /> be used for no other purpose except as otherwise provided by <br /> law; provided that the Bond proceeds may also be used to the <br /> extent necessary to pay interest on the Bonds due prior to the <br /> anticipated date of commencement of the collection of taxes or <br /> special assessments herein levied or covenanted to be levied; <br /> and provided further that if upon completion of the <br /> Improvements there shall remain any unexpended balance in the <br /> Construction Account, the balance (other than any special <br /> assessments) may be transferred by the Council to the fund of <br /> any other improvement instituted pursuant to Minnesota <br /> Statutes, Chapter 429; and provided further that any special <br /> assessments credited to the Construction Account are hereby <br /> pledged and shall be used only to pay principal and interest <br /> due on the Bonds. There is hereby pledged and there shall be <br /> credited to the Debt Service Account (a) all collections of <br /> special assessments herein covenanted to be levied and either <br /> initially credited to the Construction Account and required to <br /> • pay any principal and interest due on the Bonds or collected <br /> subsequent to the completion of the Improvements and payment of <br /> the costs thereof; (b) all accrued interest received upon <br /> delivery of the Bonds; (c) all funds paid for the Bonds in <br /> excess of $304,870; (d) capitalized interest in the amount of <br /> $14,338 (together with interest earnings thereon and subject to <br /> such other adjustments as are appropriate to provide sufficient <br /> funds to pay interest due on the Bonds on or before February 1, <br /> 1985) ; (e) any collections of all taxes herein levied for the <br /> payment of the Bonds and the interest thereon; ( f) all funds <br /> remaining in the Construction Account after completion of the <br /> Improvements and payment of the costs thereof, not so <br /> transferred to the account of another improvement; and (g) all <br /> investment earnings on funds held in the Debt Service Account. <br /> The Debt Service Account herein created shall be used solely to <br /> pay the principal and interest and any premiums for redemption <br /> of the Bonds issued hereunder and any other general obligation <br /> bonds of the City hereafter issued by the City and made payable <br /> • <br /> 15 <br />