At any time after a contract for the construction of all or a part of an improvement as specified above has been entered into or the work with respect to the same has been ordered done by day labor, the City Council for the City of Madison Lake may issue obligations in the amount as it deems necessary to defray in whole or in part the expense incurred and estimated to be incurred in making improvements including every item of costs from inception to completion and all fees and expenses incurred in connection with the improvement or the financing of the same. The obligations shall be payable primarily out of the proceeds of the tax levied pursuant to this subchapter, as provided for by Minnesota Statutes; however, in addition, the Council may by resolution adopted prior to the sale of the obligations pledge the full faith, credit, and taxing power of the City of Madison Lake to assure payment of the principal and interest in the event the proceeds of the above referenced tax levy are insufficient to pay the principal and interest.
(Ord. 110, passed 8-4-1982)