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<br /> Section 3. Bond Terms, Execution and Delivery.
<br /> 3.01 The bonds issued hereunder shall be designated Improvement Bonds, Series
<br /> 1. dated November 1, 1970, shall be issued in the denomination of $5,000 each, num-
<br /> bered serially from I to 240, inclusive, shall mature serially on November 1 in the
<br /> respective years and amounts stated below, and shall bear interest from date of
<br /> issue until paid or duly called for redemption at the respective annual rates stated
<br /> opposite their maturity years:
<br /> Interest Interest
<br /> Year Amount Rate Year Amount Rate
<br /> 1971 $70,000 4.80% 1980 $70,000 5.85%
<br /> 1972 70,000 4.80% 1981 70,000 6.00%
<br /> 1973 70,000 4.80% 1982 70,000 6.10%
<br /> 1974 70,000 4.80% 1983 70,000 6.20%
<br /> 1975 70,000 4 . 80% 1984 70,000 6.30%
<br /> 1976 70,000 1985 70,000 6.40%
<br /> 1977 70,000 5.10% 1986 50,000 6.50%
<br /> 1978 70,000 5.30% 1987 50,000 6.6<>Y'
<br /> 1979 70,000 5.50% 1988 50,000 6.60%
<br /> 5.70%
<br /> 3.02 The interest on the bonds shall be payable May I, 1971, and semiannually
<br /> thereafter on November 1 and ~~y 1 in each year. The principal of and interest on
<br /> the bonds shall be payable at the American National Bank & Trust COJllpany
<br /> ,in St. Paul , Minnesota, which is designated as paying agent, or
<br /> in the event of its resignation, removal or incapability of acting as paying agent,
<br /> at the office of such successor paying agent as may be appointed by the Village,
<br /> and the Village agrees to pay the reasonable and customary charges of the paying
<br /> agent for this service.
<br /> 3.03 The bonds maturing in the years 1971 to 1980, inclusive, shall not be
<br /> subject to redemption before maturity, but those maturing in the years 1981 to 1988,
<br /> inclusive, shall each be subject to redemption and prepayment at the option of the
<br /> Village on November I, 1975, and on any interest payment date thereafter, in inverse
<br /> order of their serial numbers, at a price of 102% of par plus accrued interest if
<br /> paid on or before May I, 1980, and at par plus accrued interest if paid after May
<br /> I, 1980. Not less than thirty days before the date specified for redemption of any
<br /> of the bonds, notice stating the amount and serial designation and numbers of the
<br /> bonds to be redeemed shall be published in a daily or weekly periodical published
<br /> in a Minnesota city of the first class or its metropolitan area, which circulates'
<br /> throughout the State and furnishes financial news as a part of its service, and
<br /> shall be mailed to the holders, if known, and to the bank at which principal and
<br /> interest are then payable, but published notice shall be effective without mailing.
<br /> Holders of prepayable bonds may request such notice by advising the Village Treas-
<br /> urer of their names and addresses and the serial numbers of the bonds held by them.
<br /> 3.04 The bonds and the interest coupons and the certificate on the reverse
<br /> side of each bond shall be executed and authenticated in behalf of the Village by
<br /> the signature of the !1ayor, attested by the Village ~lerk-Administrator, and the
<br /> corporate seal of the Village shall be affixed to each hondo All signatures and
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