Resolution 1528 - Laserfiche WebLink

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. ,. . 5. The City Manager is directed to cause said bonds to be prepared, and the Mayor and City Manager are authorized and directed to execute the same, one by manual and one by facsimile signature on each bond, and affix the City seal (or a facsimile thereof) thereto and to cause the interest coupons to be executed by their manual or facsimile signatures. Upon request of the purchaser, a copy of the approving legal opinion of Messrs. Faegre & Benson, Minneapolis, Minnesota, may be printed on the reverse side of each bond and certified by the facsimile signature of the City Clerk. Upon receipt of the legal opinion and payment for the bonds, the Treasurer and Clerk shall deliver the bonds to the purchaser, and the purchaser shall not be obligated to see to the proper application of the purchase price. 6. There is hereby created a special fund to be known as Temporary Water Improvement Bonds of 1975 Fund, which shall be held and used by the Treasurer for no other purpose than to pay principal and interest on said bonds; and there shall be credited to said fund the proceeds from assessments and taxes collected for the payment of Improvement No. 75-2, municipal funds which are appropriated to the payment of said improvement$ and the proceeds of definitive improve- ment bonds as provided for in paragraph 7 hereof. 7. Pursuant to Section 429.091, Subdivision 3, Minnesota Statutes, the temporary bonds and interest thereon shall be payable out of the proceeds of definitive improvement bonds which the Council shall issue and sell at or prior to the maturity of the temporary bonds herein authorized to the extent that the same cannot be paid out of the assessments and taxes theretofore collected or out of any other municipal funds which are properly available and are appropriated by the Council for such purpose, provided, however, the Treasurer shall pay the interest on such temporary bonds accruing from time to time prior to maturity out of the general fund of the City and the general fund shall be reimbursed from the proceeds of such assessments, taxes, available funds, and definitive bonds. The Clerk shall deliver a certified copy of this resolution to the County Auditor of Ramsey County and obtain his certificate as required by law. 8. The City Manager, Clerk and Treasurer are authorized and directed to prepare and furnish to the purchaser and to the attorneys approving the bonds, certified copies of all proceedings and records relating to the issuance of said bonds and to the right, power and authority of the City and its officers to issue the same, and said certified copies and certificates shall be deemed the representations of the City as to all matters stated therein. 9. It is hereby declared and determined that contracts for Improvement No. 75-2 has been let, that the improvement has not been completed, and not less than $300,000.00 of the estimated cost of $1,443,850 is assessable and will be assessed against benefited property.