CC 01-04-1968 - Laserfiche WebLink

Home Browse Search

, , It isnecess at this time to borrow the sum of $730,000 by the issuance of te~ porary improve nt bonds pursuant to the provisions of Minnesota Statutes, Section 429.091, SOOdi ision 3, for the purpose of paying expenses incurred and estimated to be incurred in making these improvements. Bonds in this aIlIOlmt have been duly adver- tised and sold at public sale and shall nOW be issued in accordance with the provi- sions of this solution. 2. Boods, Series e bonds so to be issued shall be designated TemporarY Improvement , and shall be in substantially the following form: fit UNITED STATES OF AMERICA STATE OF }filllNESOTA COUNTY OF FAmEY VILLAGE OF ARDEN HILLS TEMPORARY IMPROVEMENT BOND SERIES 1 No. $ 5.000 KNOW ALL MEN BY THESE PRESENTS that the Village of Arden Hills, a duly organized and xisting municipal corporation of the County of Ramsey, State of Minne- sota, acknowle ges itself to be indebted and for value received promises to pay to bearer the sum of rIVE THOUSAND DOLLARS on the first of January, 1971, or on an earlier date on which this bond shall have been duly called for redemption as stated below, and to pay interest thereon at the rate of our and Hventy hun4recl~hs per cent (4.711I) per annum from the date hereof until said principal sum is paid or until this bond has been duly call d for redemption, payable on July 1, 1968, and semiannually thereafter on January 1 d July 1 in each year, such interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the interest coupons appurt Dant hereto. Both principal and interest are payable at The Firat BaUo 1 Bank of Saint Paul in St. Paul Minnesota ,in any coin or currency of the United States of America which the payment date is legal tender for public and private debts. For the prompt and full p~nt of such principal and interest when due, the full faith, credit and t ng powers of the Village are hereby irrevocably pledged. ", This bond is one of a series in the aggregate principal amount of $730,000, all of like de; e and tenor except as to serial number and denomination, all issued for the purpos of defraying expenses incurred and to be incurred in constructing necessary loe improvements heretofore duly ordered to be made in accordance with the provisions of Minnesota Statutes, Chapter 429, in full conformity with the Con- stitution and liS of the State of Minnesota thereunto enabling, and pursuant to resolutions d adopted by the Village Council. This bond is payable primarily from the Serie 1 Temporary Improvement Bond Fund of said Village, to which fund there have bee appropriated the special assessments and taxes to be levied with re- spect to the i rovements financed by this series of bonds, after payment of all ex- penses of said improvements, and into which fund there are to be paid the proceeds of definitive mprovement bonds which the Village is required by law to issue at or prior to the turity of this bond for the purpose of providing funds to pay the principal here f and interest hereon to the extent that the special assessments and taxes theretof re collected are not sufficient for the payment thereof. This bond is subject to redemption and prepayment at the option of the Village on Ju 1, 1969, and on any interest payment date thereafter, at par plus accrued intere t. Not less than thirty days before the date specified for such re- demption the V llage will cause notice of the call of this bond for redemptioo to -4-