Resolution 557 - Laserfiche WebLink

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. . , , Sewage Facility Bonds Fund; provided, however, that if the principal of or interest upon the bonds shall become due and payable and there are insufficient moneys in said Fund to pay such principal and interest, the Village Treasurer is authorlzed and directed to pay such principal or interest from the general fund and thereafter to reimburse the general fund from collections of special assessments and water and sewer charges hereby pledged, As provided in the 1967 Resolution, there shall be deposited into the Sewage Facility Bonds Fund all collections of the special assessments to be levied for the sanitary sewer interceptor ordered by the Village Council and also the net revenues derived after October 1, 1967 from charges for the use and availability of sewer and water ~aciliti~s of the Village and for connections therewith, after payment of the normal, reasonable and current costs of operating and maintaining the facilities, all as provided and contemplated in Section 444.075, Minnesota Statutes, and such collections of special assessments and net revenues so derived and all moneys and investments in the Sewage Facility Bonds Fund are hereby pledged to the payment of the principal of and interest on the bonds hereby authorized and the similar obligations heretofore and any similar obligations hereafter issued under said Section 444.075 (or successor law); provided that any net revenues so derived and deposited in said Sewage Facility Bonds Fund not needed to pay principal or interest due or to become due within the succeeding twelve months may be used for sewer or water facility improvements, replacements, extensions and repairs not pald or to be paid for as a part of normal, reasonable and current costs of operation and maintenance or for any other lawful purpose if the Village Council shall estimate and determine that moneys and investments remaining in said Fund and net revenues from collections of such charges in succeeding years will be in amounts and available at times sufficient to provide for all remaining installments of principal and interest and a sum at least 5% in excess thereof. It is hereby estimated, found and determined that the said collections of special assessments and net revenues derived from sewer and water charges, will be sufficient to pay when due principal of and interest on the bonds herein authorized and the bonds authorized by the 1967 Resolution and a sum at least 5% in excess thereof, and no tax levy will be required for their payment; but the said bonds shall be general obligations of the Village, and the Village will levy a general ad valorem tax for the payment of the principal thereof and interest thereon whenever it may appear necessary in order to provide for the full and timely payment thereof. 7. The Village hereby covenants and agrees with the holders of the bonds and with the taxpayers of the Village that it will impose and collect charges of the nature authorized by said Section 444.075, Minnesota Statutes, and particularly Subdivision 3 thereof, at the times and in the amounts required to produce, together with any taxes or special assessments designated as a primary source of payment, net revenues adequate to pay all principal and interest when due on the bonds and any similar obligations hereafter issued under said Section 444.075 (or successor law) to the end that all such bonds and obligations shall be deemed to be payable wholly from the income of the water and sewer system whose revenues are so pledged, within the meaning of Minnesota Statutes, Section 475.51 and 475058, and that such covenant may be enforceable by appropriate action on the part of any such holder or taxpayer. 8. The Village Clerk is hereby authorized and directed to file in the office of the County Auditor of Ramsey County