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3/13/50 191 <br />Hai&horne offered the following resolution and moved its adoption: <br />RESOLUTION +CEATXNG 1950 ~jf€'RO~~T FUND, <br />PROVIDING FOR AND APPROPRIATING SPECIAL <br />C ASSESSBENTS FOR. THE SUPPORT AND MAINTENmCE Z <br />BE IT RESOLVED by the Council of the Village of Edina, Minnesota, as follormr <br />1. This Council has cinvestigatedthe facts necessaryto ascertain and does <br />TKEREOF, AND DIRECTING ISSUANCE OF DPRO'VEElENT BONDS r <br />hereby find, determine and declare that the Village of Edina has duly determined, <br />after public hearing as required by law, the necessity of the construction of the <br />improvements described below, and has ordered, received and approved plans and, <br />specifications and entered into contracts therefor after due advertisement for <br />bids; that the total benefits resulting from each of said improvements to the <br />rots and tracts of land to be assessed therefor and to the Village at large will <br />be substantially in excess of the total cost of such improvement; %ha% the total <br />cost of each of said-improvements, including all expenses incurred and to be <br />incurred from its inception to its completion and all fees and expenses .in <br />connection therewith, r.rill not be less than theammnt set opposite the amomt <br />of the designation of such improvements in the following tabulation: - <br />%nprovement <br />Street Improvement No, A-1 <br />Street hprovement No. A-2 <br />Street Imljrovement No, A-3 <br />'Street Improvement No, A-4 <br />Street litlprovement No, B-1 <br />Street Improvement No* 5-2 <br />Street Improvement -Hoe C-1 <br />Street Improvement No, (3-2 <br />Street Improvement Nor D-l <br />- Sanitary Sewer bprovment <br />Sanitary Y3ewer Improvement <br />(blacktopping) <br />(blacktopping) <br />(blacktopping) <br />(blackhopping) <br />(curb and gutter) <br />(cwb and gutter) I <br />(grading and gravelling) <br />(grading and gravelling) <br />(sidewalk) <br />NO. 23 . <br />NO, 2& <br />Sani%aG Sewer &provemen% CNO* 13-1 <br />Stom Sewer Improveme& No. 18 <br />- <br />- <br />' Water I~lain Improvement Noo 21 - TotaltCost - <br />- Total Cost - . <br />$2,600 <br />1,785 <br />6,900- <br />650 <br />700 <br />6Q0 <br />3,000 12,500 <br />75,000 <br />3,700 <br />8,400 <br />3,000 <br />20:ooo <br />that it is aecessary and, expedient for the Village to borrow at this the tho <br />sum of $108,000, for the purpose of paying expenses incurred and to be incurred <br />in connection $th said improvementE, by the issuance of general obligation <br />improvemeat bonds in accordance with. %he provisions of Section 59, Chapter 119, <br />Ses9ion Lairs of Tlinnesota for 1949, as amended; and that all acts, coaditions <br />ahd things required by+he Constitution and Lam of the Stato of IJGimesota to <br />bc done, to exis%, to happen asld to bo perfomed prelhinaryto the issuance <br />and sale of said bonds have been done, do exist, have happened and have been <br />perfomed in due fom, time and manner as so required.. <br />29 There is-hereby created a'spscial fund to be deaigna%sd as the 1119f0 <br />Inprovexent <br />separate and apart from all other fnnds of the.Village, <br />continued and maintained in the mariner hereh specified until all of the improve- <br />ment bonds herein authorized and irkerest thereon shall have been fully paid, In <br />said fund there shall be maintained ~IJO separate accounts, to be designated asq <br />the tfConstmction Account1* and the "Sinking Fwd respectively,, The <br />proceeds of sale of the improvement bond-s herein authorized, less acwued <br />interest re-ceived thereon, shall be- credited to the Construction &ccom$, from <br />Ihich there shall be paid all costw and expenses of making said improvements, <br />as incurred and allowed, and the moneys in said account shall be used for no <br />other purposes; provided, that if upon completion of said improvement there <br />&hall remain any unexpended balance in said ConstrucCion Accounp!, such balance <br />shall b& transferred to the SWng Fund Account. <br />the Sinking Fund kccount all collections ofthe special assessments herein <br />agreed to be levied,, and all accrued interest received upon delivery of said <br />bonds, and all'funds remaining in &id Construc.tion Accouxi% after cqmpletion <br />of the improvements and paymen% of the co.sts thereofd The moneys in said <br />account shall be held and used only for the payment Qf the principal of and <br />interest on said bonds as such payments become due, or to prepay and redeem <br />the sane when and as such bonds becom$w&able as hereinafter set for$h; <br />provided that in the event that it shall be determined by the Council to bo <br />necessary to borrow additional moneys for the payment of the cost of said .I <br />bprovements, or if such cost shall prove to exceed the amount herehabovc <br />esthated, and if the Village ahall undertake and agree to levy specid. assess-' <br />ments and/or general. taxes in excess of the minimun amount of assessments <br />herein specified, the Village shall have the right and power to issue <br />to be held and achhistered by the Village Treasurer <br />Said fund shall tbc <br />There shall bg credited to <br />'t