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12/30/57 - - <br />FJINUTES GF THE ADJOURNED PORTION OF THE DECEKBER 9, 1957 <br />DECEMBER 30, 1957, AT 5:OO P.M., AT THE EDINA VILLEtGE HALL. <br />REGULAR ZtEETING OF THE EDINA VILLAGS COUNCIL y HELD NONDAY y <br />Members answering Rollcall were Bank, Dickson, Tupa and Bredesen. <br />Tupa’s motion for approval or“ Minutes of Meeting of December 9, 1957, was <br />seconded by Bank and carried. <br />Bank introduced the following resolution and moved its adoption: <br />RESOLUTION ESTABLISHING TEhPPORARY Ih!PROlrEMENT <br />FUN! AND AUTHORIZING THE ISSUANCE TO TEWORARY <br />IMPROVEVdENT BONDS <br />BE IT RESOLVED by the Council of the Village of Edina, Minnesota, as <br />follows : <br />1. There is hereby established a separate and special fund to be <br />designated as the “Temporary Improvement Fund”, which shall be maintained <br />by the Treasurer on the books of the Village until all costs of improvements <br />and the principal of and interest on all bonds made payable therefrom as here- <br />in authorized shall be fully paid. <br />cost of local improvements designated by resolution of the Council, which have <br />been instituted pursuant to and in accordance with the provisions of Minnesota <br />Statutes, Chapter 429, and any further laws amendatory thereof or supplemental <br />thereto, and €or the payment of principal and interest on temporary improvement <br />bonds issued pursuant to Section 429.091, subdivision 3 of said statutes, as <br />amended by Laws 1957, Chapter 385, issued to finance such improvements. <br />issuance 65 temporary improvement bonds shall be incorporated on the Village ’s <br />books as a subfund or account within the Temporary Improvement Fund. The pro- <br />ceeds of sale of all temporary improvement bonds and the collections of all <br />special assessments levied with respect to such improvements shall be credited <br />as received to the Temporary Improvement Fund, and to the individual improve- <br />ment subfunds therein as moneys are needed to pay costs of said improvements. <br />When the cost of any such improvement has been fully paid, its subfund shall <br />be discontinued, and all subsequent collections of special assessments and <br />taxes levied therefor shall be held in the Temporary Improvement Fund and <br />used solely to pay the Temporary Improvement Bonds and interest thereon. <br />Prior to the issuance of any series of temporary improvement <br />bonds the Council shall be resolution designate the improvement or improve- <br />ments to be financed thereby in whole or in part. Upon completion of each <br />of such improvements, the Council shall do and perform all acts and things <br />necessary for the final and valid levy of special assessments upon properties <br />within the area designated to be assessed for the improvement at the tine of <br />hearing thereon, in an aggregate amount equal to the total cost of the im- <br />provement as finally ascertained, less such portion, if any, as the Council <br />shall direct to be paid by the levy of ad valorem taxes; including interest <br />accrued on the temporary improvement bond proceeds used to finance the im- <br />provement, from the dAte of such bonds to the date of levy of special assess- <br />ments. In the event that any such assessment shall be at any time held in- <br />valid with respect to any lot or tract of land, due to any error, defect or <br />irregularity in any action or proceeding taken or to be taken by the Village <br />or the Council of any of the Village’s officers or employees, in the making <br />of the assessment or the performance of any condition precedent thereto, <br />the Village shall do all such further acts and things and shall take all <br />such further proceedings as shall be required by law to make such assessment <br />a valid and binding lien upon said property. Not less than two years from <br />the date of issue of each series of temporary improvement bonds, the Council <br />shall provide by resolution for the issuance, sale and delivery of definitive <br />improvement bonds €or the purpose of providing moneys to pay and redeem said <br />temporary improvement bonds, so far as the same cannot be paid out of moneys <br />then on hand in the Temporary Improvement Fund. <br />such difinitive bonds, the Council shall be resolution determine the cost of <br />said improvements which has been paid from the Temporary Improvement Fund, <br />the amount of moneys remaining on hand therein and available for the payment <br />of the temporary improvement bonds, and the amount of definitive improvement <br />bonds necessary to be issued to refund said temporary bonds. <br />that such refunding is directed prior to the completion or prior to the levy <br />of assessments for one or more improvements, the Council may estimate the <br />amount of the cost thereof to be paid and assessed, and the amount of de- <br />finitive bonds necessary to be issued. The Council shall also estimate the <br />principal amount remaining unpaid of the special assessments levied or to <br />be levied for said improvements, and the interest payable thereon, and shall <br />levy upon all taxable property in the Village a direct, annual, irrepealable <br />tax for the years and in the amounts, if any, which will be required, together <br />with collections of such remaining special assessments and interest thereon to <br />produce sums not less than 5% in excess of the principal and interest payments <br />upon the definitive improvement bonds, as such principal and interest payments <br />Said fund shall be used solely to pay the <br />2. The fund of each improvement designated to be financed by the <br />3. <br />Prior to the issuance of <br />In the event