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<br />the provisiOl.1S or l-!1ml.esota $'t.$.tutes,. Chapter 42t), d.es~ U "Scm1~
<br />Sewer ~t lfo. 4", cOWIiSiililg of the It!,Ylng of e. sWter;y sewer ~
<br />tam CCll!POSed. 01' trunka and J.aterlals, lii"t stat1aus and force ma1ns, v1tIl
<br />coW1eotiorul to the sau1ta:ry sewer $tem of the Village of ltosev:Ule, 8e1:'I1-
<br />ins the a.rea l1rOPOSed. to be a.llaessed t.heret'or as described !J1 sa.14. resolu.-
<br />tion. ContrlilCts hlwe been duly ltlUU"ded to tIle lowest respansfble bidders,
<br />af'Im' ~1BelllJ!l1rt. :f'or co.m;petit1ve bids ill the -,."."'''' p:tescnbedby lali,
<br />for the CaD.:rtruction of a :portlon of said intpravemellt.. !l.'.be total. coot of
<br />the irop:l:-ovement is preseIItly est.1ma;ted st$1~,ooo, inc1W'ling cOl:I:trae'ts
<br />for COZllltruction l5I.Ud. aU othel." e;x;pell.'lC1i ll$!cesi'lm'Uy incurred and 'to be
<br />inc~ :t'r'oJ:\ the !J1ce:ptlon t.o the completion of the impI..:>v-snt. It is
<br />necen~ at tIlis time :for the VUlage to bo:t""L'OW' t.he 8= of $1100,000 to
<br />J1I!1K such costo, by the i$$Ua:'lce of general obl:lgat.1on ~ bonds
<br />l'\.ll'suuntto said Cb,apter 4a9. l3au.<lG ill this a;1lQUI1t bave been adverl:tsed
<br />o;nd Bold a.t pWil.1c sa:l.e, and. it j.s lWCesstu"y 1;0 ~~1sh a. f'lJI3d for the
<br />cans'truct;ton of said ~~ .and to Fovi.(le for tho. ~ of said
<br />bOOds, and of lmy adil.1tionaJ.. bondanecesao.ry to be lsl3'l:lOd t.o f'iJwlce the
<br />canJ?1et;ton of the impravelllfw:t, out; of the Ssui~ Sewer :tmprovement lland
<br />S:I.nk.1Dg Fund bereto:t"ore cre~, and to prellCrlbe the faun and tetmS of
<br />tile bol:J.ds, all in /iCcordancew-lth I34id Chapter 4a9 ond With M:i.lmeSO'ta
<br />statutes, Section 415.61., and the eon'\;l"aCt entered :l.D:to nth the bood.
<br />IJUrchaaer .
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<br />2. '!here if> hereby created, a.ud the Village ~ shall
<br />herea.f'ter ma.il:J.taj,n on the books aDd records of the V~, a sepcl.'ate
<br />and slJecial :t'l.lIld das:lgnt.rted <1$ 'l;1).e "San11;a,r1J Sewer Iw.1u"-Neroent lto. 4 Fund",
<br />to 'Which 1''.lM there she.l1 be credited the ent1repl'OCeeds 01: the sale of
<br />the :lrJ1Provament b9llils herein authol-i~, end from -which there shall be
<br />paid all expellnes ~ and to be incUrred in the ,""king of Sani~
<br />Sewer h:.<prO'll'em;mt No.4, f'l'om the iu.ee:ption to the comJ?1etion 'l'.bercof, ~
<br />such expenses al"'e 11'lc\l1'l'Eldandallo;rad.. Said. fund 8ha1l con'\;::!.l:l.1:1e to be
<br />maintained v.o4 llhaU be credited with the proceedo of 0JJy bo11il8 BUb~tly
<br />1sGUed for the financ:l.rlg 01' B$id :lJl(prcr.rement '\.U1:til the cost thereof is paid
<br />ill t'u.ll, il'lCluding all :interest to QCcrue end eU Vr:l.nC:1:p!tl if ~, which
<br />sheJ.l becCll!le d1.l!;! on such 'bopdz prior to the completion e.nd lilCee~e of
<br />said :lm~t. Said:t\.ln.d shall a.lJJo be cTedited 14th all co.l1e<lt:l.onLl
<br />of the special Bt:$esllmetXts to be levied st: herein 1'I'ovided, 1'I'ior to the
<br />cClllpletioo of $a1d ilr.!provement .Qlld 'l:Jl.e . p.!I;ylllellt of the coat.. thereof. There:..
<br />e.f'ter, .said ~ fund shall be discont.in1.led. The'1"1g11t is reserved,
<br />if .'Im;f balancsof the prOCeeds of i>a1d bonds Iilhould. 'tllen rellll!till therein,
<br />to trallllfer the same to the :f'I.tt1d of ~ other sar1i1;a;ry sewer ~
<br />subcequ.e!It1:y :L\'lStitu,ted pursuant 1;0 said Cblt;pt;e'1" 429; but all ~ XlOt
<br />so tranaferred, and all Eluboeqwmt colleet:tclnG of P/l.id aas6ssmen:ts, ilhell
<br />be pEdd a.a received into the Sinking J\md descr;!.bed be).(lIf.
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<br />3. The Village IUl5 1.'.Y' resOlution adOpted ~ 3, 1959,
<br />created. and agre<;ld tQ m&J.nta.il1 Ew e. se~e :t\ttld.~ its books end
<br />records $. S9.niter;y sever Irn:provement BoIld S:I.nk.1Dg Fund, to be used sole:t;y
<br />fOr the ~nt of the 1'I'ioo1paJ. and intererrt on 1J<n:ld$J issued to :f':\.wl.IlCe
<br />ssnital'y sewer ~a under the l]1"O\'":l.sioJ:lG of s&1d ~ 429. '!'he
<br />bondo herem $tthoriU!d !We hereby o'l."lierQd a.n.i dU'ected to be pa1d. Ottt of
<br />said. fund. on ape.rity a.a to both. j;Il":l.nCipaJ. and mi:;CreBt with ttwse hereto-
<br />tore iS$Uf)d and made ~ from iW,d i'U.Od, and eacl1 .end all of .tJle pro.-
<br />v1$iooa of sa.id resolution of Nov'etlher 3, 1959, w;1:th reference to the
<br />administntt10n of $lil.1d 1\m.d and the leV'.1 of taxell at\d spec1a.l aaseasmeIXta
<br />end the~e of net. seve)." revsnu.es for its support are bereb:r confirmed
<br />and. decl.at'ed U> be COV'ellen:tr; a.nd. agreeJOOtl1;s of the VilJ.ege of Arden Hilla
<br />for the G~=ity of the bon>w b.eI."'..dn aJ...>thori$ed..
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<br />4. It:ts contemplated tha.t the S];lElci8llilSsea~a to be levied
<br />1:q.'lOn the area.z asoossabJ.e with respect toSanit~ Sewr Imp~ No. 4-
<br />'ITiU be in the pr:l.nCi:pal amount of ll.Ill~ ~.400,ooo, a:n4 naid asseas-
<br />ll1@i;s shall be levied upotl s\wh properlie$ in llIllf)Unta 1'I'crpo:rt.i~e to.8Jld
<br />nal; exeeedil18 the special benefits .to be derived by the reapective proper-
<br />ties i'ran said 1Inprovement;. The Village hereby covenanta and earees tl1at
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