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<br />further acts and take all such flxrther proceedings as may be required by law to make
<br />ssid seseeaments a vslid and bind.ing lien upon said property; that said assessments
<br />shall be payable in twenty (20) equel, consecutive, annual installmenta, the first of
<br />eaid installments to be placed on the tax rolls of the year i963, collectible in the
<br />succeeding year, and that deferred inatallmente of said aseessmenta ehall bear inter-
<br />est at the rate of five per cent (5�+) Per annum. To the first installment shall be
<br />added interest on the entire assessment Yr�n the date of the resolution levyi� the
<br />eame to December 31 of the year in wuich the first installment is payable. To each
<br />aubsequent install�nt when due shall be added intereat for one year oa all unpaid
<br />iastallments. It is estimated that se3d installmettte of principsl and 3nterest wi11
<br />be received in the years and in amounts sufficieat to groduce suma substantially more
<br />than five per cent (5�a} in excess oF the annuel principel and intereat peEymente due
<br />on the bonds heretoPore sold and presently to be issued. The right is reserved, how-
<br />ever, to provide for the psy�nt of a portion of the cost of said improvements by the
<br />levy of ad velorem taxes upon a11 taxable property within the Village, 3n lieu of the
<br />levy oY special assesemente; aud in such event the Village covenants and agrees that
<br />the apecial assessmente will in any esse be levled in amount sufFicieat to pey not
<br />leas than twenty per cent (20�) of the coat of the improvements, and that the taxes
<br />will be levied for the years snd in amounts euch as to produce, together with the
<br />collections oY the special aseessments, and oP the net seFrer reven� appropriated to
<br />the Sinking Fiwd by said resolution of November 3, 1959, eums sufficient to pay the
<br />principal and interest when due on all bonds issued with respect to the improv�eements,
<br />e,nd to provide the five per cent (5�) excess required by Minnesota SLatutes, 6ection
<br />475.61. However, the itil.l faith snd credit of the Village shall be and are hereby
<br />irrevocably pledged for the prompt and ititl pc�yment oY the principal of aod interest
<br />on all bonds issued with respect to San3tary 8ewer Improvements No. 5 and No. 6, and
<br />for the levy and collection of any additional taxes required for such purpose, in
<br />accordance with the provlai�s of said resolution of November 3, 1959•
<br />5. For the purpose of peying the cost oY said 3mprovements, and ia entici-
<br />patiott of the collection of said special asaessments, taxes and net sewer revenues,
<br />the Yillege shall forthwith issue its negotiable general obligation boads to be
<br />designated as Ssaitary 3ever Improvement Bonde, Series E, in ihe aggregate principal
<br />emount of $93,000, date as of October 1, 1963. 3sid bonds shall be in nwnber
<br />and aumbered Yrom 1 to �3 inclusive, each in the denom�ination oi $ 1�, and shall
<br />mature serially on October 1 in the amount of $4,000 in each of the yeaxe 1965 and
<br />1966 end �5,� �a each oP the years 1967 through 1983• The boalds msturing in the
<br />years i974 thro,aeh 1983 ahall be subject to redemption and prepsyment at the opt3on
<br />of the Villege oa October 1, 1968, and sny intereat payment date theresPter at a
<br />price of psr and accrued interest glus a premiwn oY 2�i oY the par value of each bond
<br />prepaid on or before April 1, 1973, and without px�nium if prepaid on or aPter
<br />October 1, 1g73; provided that o£ the prepeyable bonds at any time outstanding, those
<br />bearing the highest coupon rate shall be prepaid first, in inverse order of their
<br />serial n�bere. Not less than thirty deys prior to the date speclEied Yor redemption
<br />of any of said bonds the Village Treasurer ahsll mail notice of the call thereoP to
<br />the bank at which principal and infcerest are then payable and.to the holder, if known,
<br />oY each bond to be prepaid, and said Treasurer eha11 maintain a record of the names
<br />and addresses of the holders of prep�yable boads of said issue so far as said in-
<br />formation is msde available to him, for the purpose of mailing said natices. The
<br />bonds of said issue besring tku@ respective serial mupbers and maturing 1n the respec-
<br />tive yeara set forth belar, aiis].Z bear interest at the annual rates eet Yorth oppo-
<br />site said msturity years nnd serial rnmtbers:
<br />3erial Numbers
<br />1 — $9
<br />A4 - �
<br />3l-5a
<br />3S � '➢3
<br />Interest Ratee
<br />1.0� '
<br />S.3Q%
<br />3.li1�L
<br />a.�c
<br />Maturity yenre
<br />� 1965 -� 196fn
<br />1!'�@ � 1�7�
<br />18i� » 1976
<br />is7� - is�s
<br />i�ach of said bonda sha12 bear interest at the additianal rate of3 •�'� per annum Pr�
<br />AsCM�7C 1 , 19 63�0 �'+Ob� 1 , 199�, to be evidenced by a separate set
<br />of interest coupons deaignated as "B" coupoae. Intereat on said bonds shall be p�-
<br />ahle October I, 1964, aad eemiannually thereaf'ter on April 1 aad October 1 of each
<br />-4-
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