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- .. assessments and taxes levied and revenues appropriateci. for each improvement prior to the retirement of said Temporary Improvement Bonds shall be paid into the fund of the improvement and shall be used, with lIlOIlejl' received from said Bond Fund and from any other source appropriated for the purpose, solely to defray expenses of the improvement until the same is completed and all costs thereof have been paid; whereupon such fund may be discontinued, and any money remaining therein, and all subsequent collections of special assessments and taxes levied and revenues appro- priated for the improvement, shall be credited and paid into the Series 1 Temporary Improvement Bald Fund. 1. At or before the maturity of the Temporary Improvement Bonds, Series 1, the Council shall provide by resolution for the issuance, sale and delivery of defini ti ve improvemant bonds for the purpose of providing lIlOIley to pay the principal of and interest on said Temporary Improvement Bonds, so far as the same cannot be paid out of lIlOIley then on hand in the Series 1 Temporary Improvement Bond Fund. Be- fore the issuance of such definitive bonds, the Council shall by resolution deter- mine the cost of said improvements which has been paid from the respective funds thereof, the amount of lIlOIlejl' remaining on hand in said improvement funds and avail- able for transfer to the Series 1 Fund for the payment of said boods, and the amount of definitive improvement bonds necessary to be issued to retire said Temporary Bonds. In the event that such issuance occurs before the levy of all special assess- ments for said improvements, the Council may estimate the amount of the cost thereof to be assessed, and the amount of definitive bonds necessary to be issued. The Council shall also estimate the principal amount remaining unpaid of the special assessments levied or to be levied for said improvements, and the interest payable thereon, and the annual amounts of the collections of any utility revenues which may be pledged and appropriated for the p~nt of definitive bonds, and shall levy upon all tamble property in the Village a direct, annual, irrepealable tax for the years and in the amounts, if e:rry, which will be required, together with the collectioos of such remaining special assessments and interest thereoo., and of any revenues so appropriated, to produce SUlllS not less than 5% in excess of the principal and inter- est pqments when due upon the definitive improvement bonds, and shall appropriate all such remaining special assessments and taxes to the fund to be designated for the pqment of such definitive improveI:lent bonds and interest thereon. The proceeds of the definitive improvement bonds shall be simultaneously credited to the Series 1 Temporary IlI!Provement Bond Fund, to the amount required so that the bonds herein authorized may be paid from said fund and redeemed and canceled. 8. No tax is presently levied for the payment of the boods herein author- ized, it being estimated that the proceeds of the definitive ill!Provement bonds here- in covenanted and agreed to be issued, together with special assessments to be levied for said improvements, will provide funds adequate for the payment of said bonds and interest in fUll in accordance with Minnesota Statutes, Section 415.61. HCMlver, the fUll faith and credit of the Village is hereby pledged for the payment of the bonds herein authorized, and ad valorem taxes shall be levied on all taxable property within the Village, without limitation as to rate or amount, to the extent required for the pa;yment of said Temporary Improvement Bonds and interest. 9. The right is reserved to issue additional series of Temporary Improve- ment Bonds payable from the fund herein created, to pq any additional costs of the improvements financed by the bonds herein authorized or of other !IllUlicipal ill!Prove- ments validly instituted in accordance with Minnesota Statutes, Chapter 429, pro- vided that the special assessments and taxes to be levied with respect to any such ill!Provements shall be appropriated to the Series 1 Temporary Improvement Bald Fund IWd accounted for as provided in this resolution. 10. The Village Clerk is directed to file a certified copy of this reso- lution with the County Auditor of Ramsey County, and to obtain from the County Audi- tor before the delivery of the bonds herein authorized a certificate that said bonds have been duly entered upon the County Auditor's register. -1-