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<br /> -_ of M:lr.n.eeota statutes, Chapter 42), designated as "Sanitary SeWer Ilnprovement
<br /> -- No.3", cor..sisting of the laying of' a sanitary sewer system canposed of' trunJ.:s
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<br /> and J..a.'ter;;us, ~ift stations iud. force maina, with connections to the sanitary
<br /> sewer system ot the Village of' RosevillO!, semng the area pl:'OpOlled to be
<br /> asseGscd theref'or as described in said resolution. Contracts have 'been duly
<br /> a'lllU'<icd to the lowest respollC',ihle bidders, afte,r advertisement for cOlJl;petitive
<br /> bids in tb8 n;anner prescribed by law, for the construction ($,a portion C1f
<br /> said illlpl"Ovement. The total cost of tl:le improvement is presently est1llatlld
<br /> at $685,000, inCluding contracts for construction and all other expenses
<br /> necessL\:"'ily incurred and to ,be incurred from the inceptiQn to the (!Olllpletion
<br /> of tIt~ imnrovement. It is E"c38sary a.t this time for tl).e Village to borroll
<br /> the:.m.l of $685,000 to pay such costs, by the issuance at genGml obligation
<br /> h1.pJ:'O"lcr:-!el'lt bonds pursuant toae.id.Chap"tel' h29. .'."OIldsLj. -r;r~is aU~ou.r~t 118.";I0
<br /> beec, ~.dm:,.tised and sold at .pc:hlicsElle, and it is necessa1:'Y to estliblhh a
<br /> :l"ll~J foy' the consl;ruct;1,on oi' aaid improvement and to l'!'Oviie for the :pa.yIiJC..
<br /> of scirJ. bonds, and of IlnY adilitiona,J. bQI1da necessary to be is.s'.led to finance
<br /> the completion of the i1llI'co'VellGnt, out 01' the Sanitary Seve.- ImproveWilnt Bond
<br /> $io1,ir.('; F1m:d heretofore cr(;v.~ ld, B.tld to. prescribe the i'o, t;.,:;:1 terms of the
<br /> bonils, aU in ,accorde.nce 'With sail! ChapteY' 429 and with Mirl:'lcsota Statutes,
<br /> Sect ion :175 .61, and the c021t'~!1ct ente!'e'i into with the bOYld p'..u'chaP-E!-r.
<br /> 2. '!here is b.ereby created, &:lid the VUJ.e.ge fu'lnlilurer 1ilhaJ.l here..
<br /> ai'te,- ;n;[j,'>tain on the hoot;:) end records of the Village, a separate and spe-
<br /> cial rune, designated as the "S8.nitary Sewer IlCproveraent No. 3 !!'und", to which
<br /> fun} t'wr'o' shall be cx-edite<'! theent1re proceedB of the sale of the improve..
<br /> . merit oOJ,'lds herein anthol:'iZed, and from '\I'hich there shall be paid all expenses
<br /> inclliE'cd and to be incurred il1 the making of Sanitary Sewer I.'llpI'ovement No.3,
<br /> f'r<rj '~hc inception to tho completion thereat, as. such axpe!lses are iXleutTed
<br /> ll.'1d gnowed. Said fund shaJJ. continue to be maintainGd una shall be eredited
<br /> with the proceeds of Q!ry bOi1d!; subsequently issued for the financills of said
<br /> iffil't'QYG"'""'CG until the cost tp.,ereof is paid in full, inclmilng all interest
<br /> to ilC(~:,'l1" and all :principcl, if' nn:r, >lhich shall becaue {h~:; at. I;:uch bonds
<br /> prioLo to the completion [Ud'1cccl'tance of saidimpl"O'rel1lO!nt. Said f'u."'ld shall
<br /> also be cI'edited 'tHh all coJ.1ections of the special assnssrlCnts to be levied
<br /> as h(,.'ei,a rrrovided, prior to the complGtlon of said improv,,,r.ent and the pay-
<br /> ment oi' the <:,:ost thereof. Thereafter, said, improvement i'UL" shall be dis-
<br /> contir:med. The right is reserved, if any balance of the p~'oceed$ of said
<br /> bones cbould then remain therein, to transfer the same to tbe fund of any
<br /> othc" za.rutary sewer improvement subsequently instituted pm.'suant to said
<br /> ChapteI' 429; but a.ll moneys not so transferred, an/l all subsequent cO:Uec-
<br /> tioI'.s of said. a.ssessments, shall be paj.d as received into the Sinking Fund
<br /> descl'lj)ed below.
<br /> 3. The Village haa by resolution adopted November 3, 1959,
<br /> crea;to", and agreed toma.intain a,S a separate fund upOn ita books and rec-
<br /> ords a Sa.nitQry Sewer Improyement 130nd Sinking Fund, to be "sed solely for
<br /> the payment of the principal and interest on bonds issued to finance 1l&Il1-
<br /> taI'J'- sewer improvements under. the provisions of said Chapter .lf29. '!he
<br /> bondo lIe>"Gi.;} authorized are hereby ordered and direC'tod to be paid out of
<br /> said. i"l!ld an a par1tyaa to both principal and interest with those. hereto-
<br /> =. fore issued and made pe,yable from said fund, and each and ""not' tbeprovt-
<br /> aio,"" cf &do. resolution of NovellIber 3, 1959, with reference to the adlnin-
<br /> istr;,dOll of said fund and the levy of taxes and special usoos_uts and.
<br /> the p::'o'ize of net sewer revenues tor its support are hereb:,! confirmed &:lid
<br /> dec1al'sd to be cOV'enants and agreements of the Village of A','den Hills for
<br /> 1:he ooc!!rity C1f the bonds herein authorized.
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