Laserfiche WebLink
<br />- <br /> <br />Bonds and any other bonds hereafter made payable from said Fund <br />have been fully paid. There shall be maintained in the Fund two <br />(2) separate accounts, to be designated the "Capital Account" and <br />"Debt Service Account", respectively. <br /> <br />e <br /> <br />(i) Capital Account. To the Capital Account there shall be <br />credited the proceeds of the sale of the Bonds, less such amounts <br />thereof as shall be deposited into the Debt Service Account <br />pursuant to paragraph 16(ii) below, plus any special assessments <br />levied with respect to the Improvements and collected prior to <br />completion of the Improvements and payment of the costs thereof. <br />From the Capital Account there shall be paid all costs and <br />expenses of making the Improvements, including the cost of any <br />construction contracts heretofore let, the costs of issuing the <br />Bonds and all other costs incurred and to be incurred of the kind <br />authorized in Minnesota Statutes, Section 475.65; and the moneys <br />in said account shall be used for no other purpose except as <br />otherwise provided by law; provided that the proceeds of the <br />Bonds may also be used to the extent necessary to pay interest on <br />the Bonds due prior to the anticipated date of commencement of <br />the collection of taxes or special assessments levied or <br />covenanted to be levied; and provided further that if upon <br />completion of the Improvements there shall remain any unexpended <br />balance in the Capital Account, the balance (other than any <br />special assessments) may be transferred by the Council to the <br />fund of any other improvement instituted pursuant to Minnesota <br />Statutes, Chapter 429; and provided further that any special <br />assessments credited to the Capital Account shall only be applied <br />towards payment of the costs of the Improvements upon adoption of <br />a resolution by the City Council determining that the application <br />of the special assessments for such purpose will not cause the <br />City to no longer be in compliance with Minnesota Statutes, <br />Section 475.61, Subdivision 1. <br /> <br />(ii) Debt Service Account. There are hereby irrevocably <br />appropriated and pledged to, and there shall be credited to, the <br />Debt Service Account: (a) all collections of special assessments <br />herein cQvenanted to be levied with respect to the Improvements <br />and either initially credited to the Capital Account and not <br />already spent as permitted above and required to pay any <br />principal and interest due on the Bonds or collected subsequent <br />to the completion of the Improvements and payment of the costs <br />thereof; (b) all accrued interest received upon delivery of the <br />Bonds plus the amount paid for the Bonds in excess of $1,529,850, <br />all to be used to pay the interest first coming due thereon; (c) <br />all collections of any taxes herein or hereafter levied for the <br />payment of the Bonds and interest thereon; (d) all funds <br />remaining in the Capital Account after completion of the <br />Improvements and payment of the costs thereof, not so transferred <br />to the account of another improvement; (e) all investment <br /> <br />e <br /> <br />276396.1 <br /> <br />16 <br />