|
<br />'"
<br />
<br />'"
<br />
<br />3. The Temporary Improvement Bonds, Series 1, in the aggregate principal
<br />amount of $130,000, shall be dated January 1, 1968, shall be numbered serially from
<br />1 to 146 inclusive, and issued in the denomination of $5000 each, shall bear in-
<br />terest at the rate of4.70% per annum, p~able July 1, 1968, and semiannualJ;y there-
<br />after on January 1 and Ju4r 1 in each year, and shall mature on January 1, 1911, but
<br />shall be each subject to redemption and prep~ment at the option of the Village on
<br />JuJ;y 1, 1969, and en any interest payment date thereafter, at par plus accrued in-
<br />terest to the redemption date. Not less than thirty days before the date specified
<br />for the redemption of any bonds, the Village Treasurer shall cause notice of the
<br />call thereof for redemption to be published in a financial newspaper published in a
<br />Minnesota city of the first class or its metropolitan area, and shall cause such
<br />notice to be mailed to the holders of the bonds to be redeemed, if known to him; but
<br />published notice of redemption shall be effective without mailing. The Treasurer
<br />shall maintain a record of the names and addresses of bondholders so far as such
<br />information is made available to him by them. The principal of and interest on the
<br />bonds shall be payable at '1'be First Hist10nal Bank uf Saint hu1
<br />.st. t'<lU.i.. l.l..:.:".'.,'" ,::a , in ,St. bul. ..'......01:.11. ,and the Village shall p~
<br />the reasonable and customary charges of the paying agent.
<br />
<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 Ma;yor
<br />and countersigned by the Village Clerk, and the corporate seal of the Village shall
<br />be affixed to each bond, and the appUl'tenant 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 Ma;yor and Clerk. lfuen 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, Wld the Treasurer shall
<br />deposit the proceeds of the bonds in a separate and special Series 1 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's official records, until all
<br />bonds issued hereunder have been fully paid and redeemed.
<br />
<br />5. A fund has heretofore been created as a separate bookkeeping account
<br />on the Village's official records, for each of the improvements listed in Section 1
<br />of this resolution. The Treasurer shall transfer from the Series 1 Temporary Im-
<br />provement Bond Fund to the fund of each of the improvements money in the amount re-
<br />quired, with any balance in SUCh fund, to pa;y all claims heretofore allowed by the
<br />Council against such fund; SlId hereafter the Treasurer shall transfer from said BOIld
<br />Fund to the respective Improvement Funds such additional amounts as may be necessary
<br />to pay further claims duly allowed against such funds, for expenses necessarily in-
<br />curred in the making of the respective improvements, in the order in which said
<br />claims are allowed.
<br />
<br />6. Upon completion of each of said improvements, or prior thereto, the
<br />Council shall do IIlld perform all acts and things necessary for the final and valid
<br />levy of special assesslllents upon properties within the respective areas designated
<br />to be assessed therefor, in an aggregate amount equal to the total cost of each im-
<br />provement as finally ascertailled, less such portion, if any, as the Council shall
<br />direct to be paid by the levy of ad valorem taxes or the appropriation of utility
<br />revenues or other funds, including in such cost, but without 11mi tation, interest
<br />accrued on the temporary improvement bond proceeds used to finance the improvements,
<br />from the date of such bonds to the date of levy of special assessments. In the
<br />event that any such assessment shall be at any time held invalid with respect to any
<br />lot or tract of land, due to any error, defect or irregularity in any action or pro-
<br />ceeding taken or to be taken by the Village or the Councilor any of the Village's
<br />officers or employees, in the making of the assessment or the perfol'lll8llce of any con-
<br />dition precedent thereto, the Village shall do all such further acts and things and
<br />shall take all such further proceedings as shall be required by law to make such
<br />assessments a valid ,and binding lien upon said property. All collections ot special
<br />
<br />-6-
<br />
|