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<br />Tribune on May 25 and June 1, 1961, and in the plans and specifications approved for
<br />the improvements which are now on file in the oITice of the Village Clerk. There is
<br />hereby created a special fund. of the Village to be designated as the 1961 street Im-
<br />provement Fund, and to be maintained by the Treasurer separate from all other Village
<br />funds. The proceeds of the sale of the bonds herein authorized and all special
<br />assessments and taxes to be levied for the improvements as herein provided shall be
<br />paid into this fund, and it shall be used solely to defray expenses of the improve-
<br />ments and to pay the principal and interest due on such bonds until the improve-
<br />ments have been completed and all costs thereof have been paid. Thereupon this fund
<br />shall be discontinued, and any balance of the proceeds of' the bonds remaining there-
<br />in may be transferred by the Council to the fund of any other improvement instituted
<br />pursuant to said Chapter 429. All moneys not so transf'erred and all subsequent col-
<br />lections of speciaJ. assessments and taxes levied f'or these improvements shall be
<br />credited and paid into the street Improvement Bond Sinking Fund created by ,resolution
<br />adopted March 22, 1961, entitled "RESOLUTION CREATING STREEl' IMPROVEt4ENT BOND SINJaNG
<br />FUND, AUTHORIZING THE ISSUANCE OF STREElr IMPROVEMENT BOJ'.'DS, AND ESTABLISHING THE FORM
<br />AI'ID TERMS OF SERIES A OF SUCH BONffi IN THE AMOUNT OF $37,000", which resolution is by
<br />reference incorporated herein and made a part hereof, and the bonds herein authorized,
<br />and interest thereon, shaJ.l be paid from and. secured by that Sinking Fund and by aJ.l
<br />the covenants contained in said resolution, on a parity in all respects with the
<br />bonds authorized by that resolution. '
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<br />f 2. It is contemplated that special assessments will be levied for the pay-
<br />. ment of the cost of Street Improvements numbered 3, 4 and 5, upon properties assess-
<br />, able therefora~s_~described~_in_j;he resol'\It;ion ordering the improvements, in the aggre-
<br />'l,o ....---gateprmc:Lpal amount of appro)(";';;;;'tel~~i5,OOQ} P,!lYable in ten (10) annual install-
<br />t . ments to be spread on the tax rolls of t e years 1961 through 1970 if' possible, or
<br />31\ otherwise on the tax rolls of the years 1962 through 1971, with interest on instaJ.1-
<br />ments from time to time unpaid at the rate of 5% per annum, calculated as provided in
<br />Minnesota Statutes 1957, Section 429.061. For the purpose of' producing, together
<br />with the collections of' such special assessments, sums not less than 5% in excess of'
<br />the principal and interest annually becoming due on the bonds herein authorized,
<br />there is hereby levied upon all taxable property within the corporate limits of' the
<br />Village of' Arden Hills, and appropriated to the Sinking Fund above described, a dir-
<br />ect, annual, ad vaJ.orem tax to be spread upon the tax rolls of the Village in the
<br />years and in the amounts stated below, f'or collection by the County Treasurer in the
<br />respective ensuing years:
<br />
<br />Year
<br />
<br />Amount
<br />
<br />Year
<br />
<br />Amount
<br />
<br />.
<br />
<br />1961 $25,000 1967 $14,000
<br />1962 13,500 1968 14,000
<br />1963 14,000 1969 13,500
<br />1964 14,000 1970 13,500
<br />1965 14,000 1971 34,500
<br />1966 14,000 :!,~f....J 1'6'1 ~. oll
<br />These levies shaJ.1 be irrepealable as long as any of' the bonds payab1e'from the Sink-
<br />ing Fund are outstanding and unpaid, except as the same may be reduced from year to
<br />year in the manner and subject to the conditions stated in Minnesota Statutes 1957,
<br />Section 475.61. In the event that the speciaJ. assessments actually levied with re-
<br />spect to the improvements should be in an aggregate principal amount less than that
<br />herein estimated, it is covenanted and agreed that an additional tax will be levied
<br />f'or the years and in amounts sufficient f'or compliance with Section 1.75.61.;
<br />3. For the purpose of paying the cost of the improvements described above,
<br />and in anticipation of' the collection of' the special assessments and taxes described
<br />above, the Village shall forthwith issue its negotiable general obligation bonds to
<br />be designated as Street Improvement Bonds, Series B, in the aggregate principaJ.
<br />emount of' $420,000, dated as of August 1, 1961. Said bonds shall be 420 in number
<br />and numbered from 1 to 420, inclusive, each in the denomination of' $1,000, and shall
<br />mature serially on August 1 in the amount of $40,000 in each of the years 1963 to
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