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<br /> 3. The Temporary Improvement Bonds, Series 2, in the aggregate principal
<br /> amount of $575,000, shall be dated October 1, 1968, shall be numbered serially from
<br /> 1 to 115, inclusive, and issued in the denomination of $5,000 each, shall bear in-
<br /> terest at the rate of 4.40% per annum, plWable July I, 1969, and semiannually there-
<br /> after on January I and July 1 in each year, and shall mature on JanuarJ 1, 1971, but
<br /> shall be each subject to redemption and prepayment at the option of the Village on
<br />. January 1, 19.70, and 011 any interest payment date thereafter, at par plus accrued
<br /> interest to the redemption date. Not less than. thirty dlWS before the date speci-
<br /> fied for the redemption of any bonds, the Village Treasurer shall cause notice of
<br /> the call thereof for redemption to be published in a financial newspaper published
<br /> in a Minnesota city of the first class or its metropolitan area, and shall cause
<br />. such notice to be mailed to the holders of the bonds to be redeemed, if known to
<br /> him, but published notice of redemption shall be effective without mailing. The
<br /> Treasurer shall maintfdn a record of the names and addresses of bondholders so far
<br /> as such information is made available to him by them. The principal of and interest
<br /> on the bonds shall be payable at The First National Bank of Saint Paul
<br /> ~ in St. Paul, Minnesota , and the Village shall
<br /> PlW the reasonable and customary charges of the PlWing agent.
<br /> 4. The bonds shall be prepared for execution under the direction of the
<br /> Village Clerk and executed on behalf of the Village by the signature of the Mayor
<br /> and countersigned by the Village Clerk, and the corporate seal of the Village shall
<br /> be affixed to each bond, and the appurtenant interest coupons and the certificate to
<br /> be printed on the reverse side of each bond, following the text of the legal opinion
<br /> rendered thereon, shall be executed and authenticated by the printed, lithographed
<br /> or engraved facsimile signatures of the Mayor and Clerk. When the bonds have been
<br /> so executed and authenticated they shall be delivered by the Village Treasurer to
<br /> the purchaser, upon receipt of the agreed purchase price, and the Treasurer shall
<br /> deposit the proceeds of the bonds in a separate and special Series 2 Temporary Im-
<br /> provement Bond Fund, which is created and shall be maintained by the Treasurer there-
<br /> after as a separate bookkeeping account on the Village I s official records, until all
<br /> bonds issued hereunder have been fully pfdd and redeemed.
<br /> 5. A fund has heretofore been created as a separate bookkeeping account
<br /> on the Village 's official records, for the improvement designated in Section 1 of
<br /> this resolution. The Treasurer shall transfer from the Series 2 Temporary Improve-
<br /> ment Bond Fund to the Improvement Fund money in the amount required, with any bal-
<br /> ance in such fund, to pay all claims heretofore allowed by the Council against the
<br /> fund; and hereafter the Treasurer shall transfer from said Bond Fund to the Improve-
<br /> ment Fund such additional amounts as may be necessary to PlW further claims duly
<br /> allowed against the fund, for expenses necessarily incurred in the making of the
<br /> improvement, in the order in which said claims are allowed.
<br /> 6. The Council has levied a tax in the amount of $28,500, for collection
<br /> in 1969, to pay part of the cost of the improvement. Upon completion of the im-
<br /> provement, or prior thereto, the Council shall do and perform all acts and things
<br /> necessary for the final and valid levy of special assessments upon properties with-
<br /> in the respective areas designated to be assessed therefor, in an aggregate amount
<br />. equal to the total cost of the improvement as finally ascertfdned, less such por-
<br /> tion as the Council shall direct to be pfdd by the levy of ad valorem taxes or the
<br /> appropriation of utility revenues or other funds, including in such cost, but with-
<br /> out limitation, interest accrued on the temporary improvement bond proceeds used to
<br /> finance the improvement, from the date of such bonds to the date of levy of special
<br />. assessments. In the event that any such assessment shall be at an;y time held in-
<br /> valid with respect to any lot or tract of land, due to any error, defect or irregu-
<br /> lari ty in any action or proceeding taken or to be taken by the Village or the Coun-
<br /> cil or any of the Village I s officers or employees, in the making of the assessment
<br /> or the performance of any condition precedent thereto, the Village shall do all
<br /> such further acts and things and shall take all such further proceedings as shall
<br /> be required by law to make such assessments a valid and binding lien upon said
<br /> property. All collections of special assessments and taxes levied and revenues ap-
<br /> propriated for the improvement prior to the retirement of said Temporary Improvement
<br /> Bonds shall be paid into the fund of the improvement and shall be used, with money
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