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� 4. It is conterr�lated that t;�e sprcial asseesment� to be levied upon the aress assessaule witn res�:ect to 5anita?^y Sewer Smprovement iQo. II will he 3n th� priae3pal a.^�our_t oP approximstely $.iv'J,DuC , and said assess:nents shall be levied upon such properties in arr.ounts prop�rtionate to aad not exceeding the speeial benefits to be derived by the reapective properties �'rom seic i:cproveser�t. The E�illage hereby covenants a.nd e�rees that upon or prior to tbe completion oP �aid impravemer.t, it will do snd per£o�n a11 acts and things .neeessary Por the final �n3 velid levy oi said specia.l assessmznts; that iP a�y aGsessmettt shall be at any time held in- vali3� due to er�,y error, aefect or ir.re�ular.•ity in any action or proeeeding taken or to be tssce±� b,y the Village or by this Council or b,y any of the Vil- la�z`� ox'Ficers or explo,yees� either ira the ual=ing o? �uc'r� assessm2nts or in the gerfor:naace oP any condition precedent thereto, the Villa�e a�n3 this Cou.cii wil7. Yo^thzrSth de aL'. sucU further acta ay.& take :;.11 such further proccedings as ray Ue reKuired by law to ma1�e said assessMents a valifl and bindin� :�ieit upon �a3id pa•oper-ty; that said aes�3sments cYiaJ.l ba payablc in twenty (20) equal., coY:secixt:i.ve, annual inatallmer.ta� the ii.rst oY aaid in- stailmentc to 7�e blac�d on the tax rolls of tY:e y+ear 1?bl, collectiole in the succced:in� year� and that deferred installments of said asseasments s'k2:Ll'ucar interest rst the rate of Pive Fer cent (5;�} 1�r snni�rs. To the first insi:�llr�ent sha11 be adde3 interest on the entire assesament �rom the d,&te oi the resolution l�ti fing tfle sam� to i�ecer.iber 31 0£ i;he yea.r in which the first installment is payable. To each sub3equent instal7ment � w'r.en d.ue si�ail be ad.ded ir.terest Pcr cne ye�.r oa all unFaid inetallr,ients. It i� estimoted that said instalLnents of. principal and interest will be receiced ;n tt!e yea.rs 6,nd ir. ar�ounts ��:fficient to prodvice sums s�bstan- tially more tnan five per cent (556) in excess of the 8nnual principel and interest t,uytae.nts due o�� the honde heretcPo�e scld isr.d pre,sently tc� i�e issued. 7^x:e ri�Zht is reserve3� nowever, to provide for the payreent oP a uor�ion o� �h� cost oP said i;tmrovemen�t hy the levy oP ad va7_orem taxes upon al]. taxab.le property within ths �lillage, in lieu of the levy of spe- cial assess;r�nt�; and in such event the Village covenants and agrees theat the spe.cie�l assessments will in a�y case be le*�ied in r�o�int suffi�i�nt to �ay not less than twenty pe: cent (2l'iy;) oi tiie cost oz" ti�e improvement� ar.d that the taxzs will qe levied for the years and in ar,�ounts such as to pcoduc�, tc�ether �aith t:te �o1l.ectiona oP the special ��sessMents, and of the net se:�er rev�nue aproropriated to the 3inking Fund by eaid r.esolution of Nove�ber 3a �959, swcs suSficient to pay the princip:�.7. a:nd intereat when due on all bon3s iesued with respect to the improvement, and to provide the fi��e per cent (j�) excess.r.equired by M3nr.esota Statutesa Section �+75•61. Ho,sever, tl:e full Paith and credit of the Village shall be an�i are hereby irrevo�ably pled�ed Por t!1e prompt and fu31 :p&ytnent of the principal oP and inter.est on all Uonds issued with respect to Sanitary Sewer Improve- ment No. II� :nd fo: the ].evy c.nx collection oP ar.y additio::al ta�ces re- quired for such purpose, i� acco.rdance with the provisions of said reso- lution oP tdovemher 3, 1.95y: � 5• �o.r the purpose oY paying the_cost of said ir�provement� an3 3n anticirat�on of the collection of said speciel assessments, te.xee an8 net sewer revenues, tite Villuge shall ioxthwith isau� its i.egotiable general obli.�;ation bonds to he desi�neted as Sanitar.7 Sewer Improveznent 3onds, Seri..^.s Il� in the aggre�ate g:incipal amount oP .�ry400�000, dated es of August 1, ].�0. S�id bonds shall we 40p 3n munbe: and nvmbPred from 1 to 400� in- clusire� eact4 in the deroninatic,:, of �1,�CO3 and s�iall ;,ia$ure serially in the a�ount oP $20,�00 on Au�;ust 1 in each of the years 19C2 through 1981. Epnds n•ar.�bered 1 throea�� 2C?0 s'inll be pgyable at `.he3r resnecti�re stated � matur.3ty dates w3t2out option of prior payment, b�at thosa numbered 201 throu�;i� 4Gp st.r�,ll `�e eaet. suoject to rede;m�t3o,i 2-ui pre_�a.yn?ent at tne option of the Vil].age on P.ugust 1, 1965, and any inter.est �a,vment date there�ter, et a price of par and sccrued interest plus a premitun oY �20 ��4-