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and "Sanitary Sewer Imprwement No. 6", consisting of the establiahment of eanitary sewer system.s serving the areas proposed to be asseesed therefor as deacribed in said resolutions. Contracts heve been duly awarded to the loweat reaponsible bid- ders, after advertiaement for competitive bida in the me.nner prescribed by law, for the construction of portions oY said improvemente. The total coat of the improve- ments is presently eetimated at $93,000, including contracts for conatruction and a11 other expenses necessarily incurred and to be incurred fram the inception to the completion of the improvements. It is necessary at this ti� for the Vill�ge to borrow the awn oY $93,000 to pa,y such coste, by the issuance oF general obligation improvement bonds pursuant to said Chapter 429. Bonds in this amount have been ad- vertised and sold at public ee1e, end it is necessary to establish i'1u�da for the conatruction of said improvements and to provide for the �yment of ssid bonds, and of any additional bonds necessary to be issued to finance the carnpletion oP the im- • prove�nts, out of the Saaitary Sewer Improvement Bond Sinking Fund heretofore cre- ated, and to preseribe the form and terma of the bonds, all in accordsnee with said Chapter 429 and with Minneeota 3tatutea, Section 475.61, and the co�ract entered into with the bond purchaser. 2. There are hereby created, and the Villsge Treasurer shall hereaPter maintain on the books and records of the Village, aeparate and special tUnde desig- nated as the "Sanitary 3ewer Improvement No. 5 P1�nd" aad the "Saoitary Sewer Im- provement No. 6 Ehnd", to which Yund� there shall be credlted the entire proceeds of the sale of the improvement bonds hereitt authorized, and from which there sha11 be paid a11 expenses incurred and to be incurred in the making of Sanitary $ewer Im- provements No. 5 ana xo. 6, fYom the inceptioa to the caanpletion thereof, ae euch expenses are iacurred and allowed. Said fknds shall contimie to be maintained and shall be credited with the proceede of any bonds subseguently issued for the financ- ing of said improvements until the cost thereoP is paid in fU).1, including e11 in- terest to accrue and all principal, if aRy, which shall bec�e due on such bonds prior to the c�pletion aad acceptance of said improvements. 8aid flands shall also be credited with all collectlona of the speciel easessments to be levied as herein provided, prior to the c�gletion of said improvements and the pay�nent of the costs thereot. Thereafter, said improvement #Lwds ahall be discontinued. The right is reserved, if a.qy balence of the proceeds of said bonds should then rema.in therein, to transfer the same to the flwd of ar�y other sanitary sewer improvement subsequetttly instituted pursusnt to said Chepter 429; but all moneys no�t so transferred, and all subsequent collections oP seid assessments, shall be pa.id as received lnto the 8ink- ing Fund described belaw. 3• The Village has by resolution edopted November 3, 1959, created and agreed to maintain as a separate i7and upon its books and r�corda a 3anitary $eWer Improvement Bond Sinking Flaad, to be ueed solely for the payment of the principal and interest on bonds isaued to finance sanitary sewer improveu�nts under the provi- aions of said Chapter 429. The bonde herein authorized are hereby ordered and dir- ected to be paid out of said.fUnd on a parity es to both principal and interest with those heretofore isaued and ma,de payable fro� said fi�nd, and each and all of the pro- visions of said resolution of November 3, 1959, With rePerence to the administration of said f�nd and the levy of taxes and specisl assesaments and the pledge oP net sewer revenues for ita support are hereby conYined and declared. to be covenants and agreements oY the 9111age of Arden Hilla for the security oY the bonds herein author- ized. 4. It is contemplated that the special assessments to be leried upon the areas assessable with respect to Sanitary Sewer Improvements No. 5 and No. 6 xill be • in the principal amount of approx3mat�ly $93,�, �d said assessments shall be levied upon such properties in amounte proportionate to and not exceeding the apecial benefits to be derived by the respective properties fram said improvementa. The 9i1- lage hereby covenants snd agrees that upon or prior to the completion of said improve- meate, it will do and perform a11 acts and thinga neceseary for the final end vali$ levy of said specisl assessments; that if any easessment shall be at any time held invslid, due to any error, de3ect or irregulaxity in sny action or proceeding taken or to be taken by the Villege or by this Council or by any of the Village's of"Pi.cers or emplayees, either in the making oP such sesessments or in the performaace of aay co�ition precedeat thereto, the Village and this Council will forthwith do all such -3-