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<br />Section 3. Bond Terms, Execution and Delivery.
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<br />3.01 The bonds issued Qereunder shall be designated Improve-
<br />ment Bonds, Series 2, dated January 1, 1972, shall be issued in
<br />the denomination of $5,000 each, numbered serially from 1 to 244,
<br />inclusive, shall mature serially on January l,in the respective
<br />years and amounts stated below, and shall bear interest from date
<br />of issue until paid o'~ duly called for redemption at the respec-
<br />tive annual rates sta',ted opposite their matur~ty years:
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<br /> Interest Interest
<br />Year Amount Rate Year Amount Rate
<br />1973 $60,000 4.;60'l' 1983 $60,000 S.l~
<br />1974 60,000 4~oO 1984 60,000 5.20
<br />1975 60,000 4.60 1985 60,000 5.25
<br />1976 60,000 4.60 1986 60,000 5.30
<br />1977 60,000 4.60 1987 60,000 5.30
<br />1978 60,000 4.(,0 1988 60,000 5.35
<br />1979 60,000 4.70 1989 65,000 5.35
<br />1980 60,000 4.80 ,1990 65,000 5.40
<br />1981 60,000 4.90 1991 65,000 5.40
<br />1982 60,000 5.00 1992 65,000 5.40
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<br />3.02 The intere~t on the bonds shall be.payable July 1, 1972,
<br />and semiannually thereafter on January 1 and'July 1 in each year.
<br />The pJ;'incioal, of and' interest on the bonds shall be payable at the
<br />Amel:.lcan Nat.lonaJ.. Bani\. So TrUllt Company
<br />in st. Paul , Minnesota, which is designated as paying agent, o~
<br />in the event of its resignation, removal or ~ncapability of acting
<br />as paying agent, at the office of such successor paying agent as
<br />may be appointed by 'the Village, and the Village agrees to pay the
<br />reasonable and customary charges of the paying agent for this ser-
<br />vice. '
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<br />3.03 The bonds 'maturing in the years 1973 to 1980, inclusive,
<br />shall not be subject to redemption before maturity, but those ma-
<br />turing in the years.1981 to 1992, inclusive. shall each be subject
<br />to redemption and prepayment at the option of the Village on Janu-
<br />ary 1, 1980, and on"any interest payment date thereafter, in in-
<br />verse order of their serial numbers, at a price of par plus accrued
<br />interest to the red~mptiondate. Not less than thirty days before
<br />the date specified for redemption of any ofithe bonds, notice stat-
<br />ing the amount and serial designation and numbers of the bonds to
<br />be redeemed shall be published in a daily or weekly periodical
<br />published in a Minnesota city of the first class or its metropoli-
<br />tan area, which cinculates throughout the State and furnishes
<br />financial news as a part of its service, and shall be mailed to
<br />the holders, if known, and to the bank at which principal and in-
<br />terest are then pa~able, but published notice shall be effective
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