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<br />3. The bonds iasued hereunder shall be designated Temporary Improvement
<br />Bonds, Series 3, shall be iasued in the aggregate principal a�ount of $1,735,000,
<br />shall be dated January 1, 1970, ahall be numbered serially from 1 to 347, inclu-
<br />sive, and iasued in the denomination of $5000 each, ahall bear interest at the rate
<br />of6.40% per annum, payable ,Iuly 1, 1970, and semiannually thereafter on January 1
<br />and July 1 in each yeary and suall mature on January 1, 1973, but shall be each sub-
<br />ject to redemption and prepayment at the option of the Village on January 1, 1972,
<br />and on any intereat payment date thereafter, at par plus accrued intereat to the
<br />redemption date. Not less than thirty days before the date specified for redemption
<br />of any bonds., the Village Treasurer shall cause notice of the call thereof for re-
<br />demption to be published in a financial newspaper published in a t4innesota city of
<br />the first class or its metropolitan area, anu shall cause such notice to be mailed
<br />to the holdera of the bonds to be redeemed, if known to him, but published notice of
<br />redemption shall be effective without mailing. The Treasurer shall maintain a
<br />record of tne names and addresses of bondholders so far as such infozmation is made
<br />available to hiw by them. The principal of and interest on the bonds shall be pav-
<br />able at the Afnerican National Bank and Trust Company
<br />. inSt. Paul, Minnesota. and the Village shall pay the reasonable
<br />and customary charges of the paying agent.
<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 signa[ure of the P9ayor
<br />and counte�signed by the Village Clerk, and the corporate seal of the Village shall
<br />be affixed to each bond, and the appurtenant interest coupons and the certificate to
<br />be printed on the reverse side of each bond; Eollow3ng 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 ilayor and Clerk. When the bonds have been
<br />so executed aqd authenticated they shall be dellvered by the Village Treasurer to
<br />the purchaser, upon receipt of the agreed purchase pri•ce, and the Treasurer ahall
<br />deooeit the proceeds of the bonds in a separate and spec2al Series 3 Temporary Im-
<br />provement Bond Eund, which is created and shall be maintained by the Treaeurer
<br />thereafter as a separate bookkeeping account on the Village's official records, un-
<br />til all bonds issued hereunder have been fully paid and redeemed.
<br />5. A Fund has heretofare been created as a separate bookkeeping account
<br />on the Village's official records, for each of the Improvementa listed 1n Section 1
<br />of this resolution. The Treasurer shall transfer from the Series 3 Temporary Im-
<br />provement Bond Fund to the gund of each of the Improvements money in the amount re-
<br />quired, with any balance in such fund, to pay all claims heretofo're allowed by the
<br />Council against such fund; and hereafter the Treasurer shall transfer from said Bond
<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 1n which eaid
<br />claima are allowed. '
<br />6. Upon completion of each of said improvements, or prior thereto, the
<br />Council shall do sud perform all acts and things necessary for the final and valid
<br />levy of special assesements upon properties within the respective areas designated
<br />to he assessed therefor, in an aggregate amount equal to the total cost of each im-
<br />provement as finally ascertained, less such portion, if any, as the Council shall
<br />direct to be paid by the levy of ad valorem taxes or the appropriatioa of utility
<br />revenues or other funds, including in such cost, but without limitation, interest
<br />accrued on the teaporary improvement bond proceeds used to finance the improvements,
<br />from the date of such bonds to the date of levy of special asaessments. 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 talcen by the Village or the Council or any of the Village's
<br />officers or employees, in the making of the assessraent or the performance of any
<br />condition precedent thereto, the Village shall do all such further acts and thinga
<br />and shall take all auch further proceedings as shall he required by law to make such
<br />asaeasmente a valid and binding lien upon said property. All collections of apecial
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