1962-2826r1~~
RBSCILUTION N0. 2826
ABSOLUTION DIRECTING THB ISSUANCE AND SALE OF TBMPORARY
IMPROVEMENT BONDS, SERIES 1?, TO THE IMPROVEMENT ANDS
OF .1954 SINKING FUND IN ACCt~tDANCB WI~I MINNESOTA. STATUTES
196, CHAPTER 429
BB IT RESOLVED by the Village Council of the Village of Richf field, Henne-
pin County, Minnesota, as follows:
1. The total estimated cost of Village-Project No..442, otherwise known
as the 1962 Street Improvement and Ailing Program, has been established
at $189,000.00. Part of the money for the financing of said improvement
is avai la.bie from the- General Fund as the village's shre of the cost of
said improvement. It is now estimated that the sum of $100,000 is cur-
rently necessary to provide financing fora portion of the cast of said
project and it is hereby determined to be necessary to borrow said amount
for the payment of obligations now incurred and for expenses necessarily
incurred in connection with the construction of said project. There is
hereby created a Village Project No. 442 Construction Fund into which shall
be paid ail sums transferred from the General Fund and the proceeds of tem-
porary bonds issued pursuant to this resolution and similar subsequent
resolutions, and out of which shall be paid all amounts due and payable as
costs or expenses incident to or incurred in connection with the making
of said improvement. There is also hereby created a Village Project No.
442 account in the Temporary Improvement Bonds Sinking Fund into which
fund shall be paid the proceeds of -all special assessments• levied against
benefited property by reason of the making of said improvement and out of
which shall. be paid principal and interest on all temporary improveme nt
bonds issued to finance said project.
2. It is hereby determined that the sum of $100000 shall. be borrowed to
partially finance said Village Project No. 442 by the issuance of Tempor-
ary Improvement Bonds of the village as authorized in Minnesota Statutes,
Section 429.091, Subdivision 3. Said bonds=shall be payable from the
Temporary Improvement Bonds Sinking Fund, Village Project No. 442 account;
but the village further recognizes its statutory duty, as provided by
Section 429.091,-and covenants and agrees with the purchaser and ail
holders from time to time, of said temporary improvement bonds, at or
prior to the maturity thereof i+ will pay and retire such bonds and the
interest thereon 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, to the extent that the same cannot be paid out of funds
available.in the Temporary Improvement Bonds Sinking Fund, Village Project
No. 442 Account, or out of other municipal funds which are property avail-
able and are appropriated by the council for such purpose.
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