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<br />oi tti.nnesota Statutes, Cl'�p+�r !.2g, designeted as "Sanitary Se�rer Improvement
<br />No. II", consisting oP the Iaying oi a sanitary sewer systen composed oP trunks
<br />and 1e,terals, lii'1: stetio:is and Yorce mains, with connections to the sanitary
<br />sewer system oF the Village of Itoseville, serving the aren proposed to be
<br />assessed tkiereYor as described In said resolution. Cantracts have been duly
<br />au�rded to �he lor�eat responci�le bi�zders, after advertiaement £or competitive
<br />oids i:� the manner presexibed by lac�, for the construetion of said impr6vement,
<br />and �n c+greement h�s been made end executed by Lhe Village oP Arden Hi11s with
<br />the Vill�e o� Rose*rille, for the pc�,yment oP the cost of tY:e connection oP said
<br />�y�tem �ritP� that of the Village of Roaeville, iahich agreev�ent ie, he:el�y ratiPied
<br />3r.d ^onPirr.red. 7`t:e totel co3t oP the iraprovement is preeently estimated. at
<br />�40U,UCo, ix,cliuiin contractc £or const:cuction at unit prices a�regating
<br />�318,477, and ,��4s��� due and ga;,�sble ta the Villa�e o� Rcseville, computed
<br />at ?�23; per. acre oY the`areu �erved by the ic�rove�eut and to be connected
<br />thereby �-rith the Rosevi:Lle sewer syst¢m, and. including all other expeases
<br />necessariiy incurre3 and to he inciirred frow the inception to the comcletion
<br />of the improvement. I'b is r.ecessa�^y et this tise Yor the Viwlace to borrocr
<br />tne sr�m of �400,000 to F.ay sueh coste, by the issuance of 3eneral obligr�,tion
<br />improvement bonds pursuant to said Chaoter 42g. 3oncls in thi.s amount heve
<br />been advertised snd eol3 at public sale, and it is nece;;sa��r to esta9lish a,
<br />�and ior tae construction oY said inmrovement and to provide for the payment
<br />of said bonds, snd oP any ad3it1onal oond.s nece3sa-y to he lssued. to Pinsnce
<br />the completion of th.e improvement, out of the Sar_ita_+^�,/ Sewer Improaement Eond
<br />$inicin� 'r'ur.d heretofore creabed, and to preseribe the to:Ma and teiRn3 �P the
<br />bond.s, ¢11 in aecordsnce with said Chapter 429 snd rrith Minnesote Statutes,
<br />5ection �75.61� and. the cont:rart entered. into with the bond purchaser.
<br />2. There 4s her'eby created, and tbe Villa�e Tz•eAsurer sha11 here-
<br />sfter maintain on the books �nd recorda of the Village, a seps�rate as:d ape-
<br />eial f':tno, desi�nated as the"Sanitary Sewe� Inpr.wement Pic, II Ftznd"� to srhich
<br />Pund t?:ere sha7.l be cred.ited tY:e enti:e t.roreeP.s af the c�ale of the improve-
<br />ment bonds herein autl�orized� and from which there she,ll be paid r11 expenses
<br />incurred a,nd to be incurre@ ir. the m.ekin� of Sariitazy Fevter I�:�provement No. II,
<br />fr. o:n th� ir_ception to' the cocrsrletion tt-,ereaf, as sueh expe.-,ces are ir_curred
<br />and ^llowed. Said �und. sha.71 ecntinue to �e *nainte�ined and shall be credited
<br />with �he proc2eds of any �onds subsequently iesued For tile iinancing of said
<br />improver:ent *_nt11 the cost thereof is paic� in fu]1, ircluding a11 interest
<br />to accx•ue and all principal� if any, whic�; shall become due on sur.h bonds
<br />prior to the completion and acceptance oPssaid improvement. Said fund sha11
<br />also be credited with all collections o= the special assess��ents to be levied
<br />as tierein provi3ed� rrior to the campletion oP saifl improvement and the pay-
<br />ment of the cost thereof. Thereafter, said improvement Yund shall be dis-
<br />contiaued. TY!e right is resex�.�ed, if s� balanee oY the proceeds of said
<br />bonds should then remain therein, to tran$fsr tne same to �he Fur_d of ar;y
<br />other sanitary sewer improvement subseqvently instituted p+.irsua.nt to said
<br />Ci�e�tex� 42y; but a11 moneys not so transPerred, a.nd all subsec�uent collec-
<br />tions of sxid easessments� shall be paid Ns received into the Sinking Fund
<br />described below.
<br />3. The Village has by reaolutien adopted iYovem�er 3, 195p� created
<br />and a�reed tv c.air,te3n ac a ceparate Yud upon its books and records a Seni-
<br />�Ce3.r�� Se-a=^ �rovement Bond. Sinking Eund, to be used solely for the pr�ymsnt
<br />of 'the principal end interest on bonds issued. to.finance canitary sewer im-
<br />provemenis under tY:e provisiors of sai3 Chapter ��2?. The bonds herein author-
<br />ized are hereby ordered and directed to be paid out oP ss3d iund on a pc�rity
<br />as te both p;incipgl and int�rest with tnose heretePore iss�:efl and made pay-
<br />able Yrom �aid fune�, and each snd all oP the prwisions oY said. resolution of
<br />November 3, lg5y, with refererce to trx administr.at3cn oi said iund and the
<br />lesrr of texe:, an3 speoial assessments anc� tre•pied�e ef net sewer revenues
<br />Yor it� support are hereby co.niirmed and deelared to be cover.anta and agree-
<br />ments of the Villa�,oe �f Ar.�en E311s for the security oP tne bo�ds hezein
<br />authori r.ed .
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