CC 11-27-1967 - Laserfiche WebLink

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. . 3. The Mayor and:he village administrative clerk are hereby authorized and directed to make and execute orders on the fund established for each improvement as contemplated by "''l.S. 429.091, Subd. 4, and to make and execute such Orders to the Village Treasurer for payments of authorized claims for the benefit of each improvement. Said Orders shall be drawn on the respective water improvement funds and to which there are hereby appropriated all of the proceeds of the bonds to be .. issued pursuant to statutory authority, and together with such other moneys as the Council may direct to be credited to said funds for the payment of items which by accepted accounting practice constitute attributable costs for the construction of each improvement. In the event that said Orders or any other Orders issued pursuant to the resolution of the Council for payment of claims for '.he benefit of each improvement cannot be paid from cash on hand in said fund on the respective dates of the presentation of said Orders, the Treasurer shall endorse on the back thereof the words "Not paid for want of funds", the date of the endorsement, and the Treasurer's signature. The Treasurer shall make a record of each such presentment, non- payment, and endorsement. Bach such order shall bear interest at the rate of 4.25 " per annum from the date of such present- ment until paid. 4. The Village has received a proposal from the Pirst National Bank of Saint PaUl, St. Paul, Minnesota, to purchase Orders issued pursuant to this resolution at the principal amount thereof, upon assignment of such Orders by respective payees to said bank. The Treasurer is authorized to so advise such payees. When sufficient moneys are appropriated and credited to said fund pursuant to further resolution of this Council, from the proceeds of sale of bonds or otherwise, for the payment of one or more of said orders, the Treasurer shall serve written notice upon said bank and to any other payee or assignee of such orders who has requested such notice, that he is prepared to pay the same, and aftu service of such notice, interest on the orders so endorsed shall cease. Said orders shall be paid only in order of presentment and registration thereof. 5. The Village Administrative Clerk is directed to furnish certified copies of this re.olu~ion to said bank and to the payee of any Order issued pursuant hereto. The motion for the adoption of the foregoing resolution was duly seconded by ~ ~ and upon vote being taken, . the following voted in favor thereof: o..JJ. ~' and the following voted against the same: ~ whereupon said resolution was declared duly passed and adopted.