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<br />3. ~e bonds shall be prepared for execution under the direction of the
<br />Village Clerk and executed on beha,lf of the Village by the signature of the M9.yor
<br />and countersigned by the Village Clerk, and a facsimile of the corporate seal of
<br />the Village shall be printed on each bond, and the appurtenant interest coupons
<br />shall be executed and authenticated by the printed, engraved or lithographed fac-
<br />simile signatures of the Mayor and Clerk. When the bonds have been so executed
<br />and authenticated they shall be de]yered by the Village Treasurer to the purchasers,
<br />upon payment of the purchase price specified in the contract of sale, and the pur-
<br />chasers shall not be obligated to see to the application of the proceeds of the
<br />bonds; but the bond proceeds, except accrued interest, shall be applied solely to
<br />the payment of costs incurred and to be incurred in the making of local improve-
<br />ments ordered by the Village to be made under Minnesota Ctatutes, Chapter 429,
<br />described as follows:
<br />
<br />Improvement
<br />
<br />Date Ordered
<br />
<br />Estimated
<br />Cost
<br />
<br />Water Imp. No. 64-1,
<br />Project 1
<br />Storm Sewer Imp. No. 65-1
<br />San! tary Sewer Imp. No. 5
<br />Street Imp. No. 64-1
<br />Street Imp. No. 64-3
<br />Street Imp. No. 65-25
<br />Street Imp. No. 65-26
<br />
<br />September 14,
<br />1964
<br />May 3, 1965
<br />July 6, 1964
<br />June 8, 1964
<br />July 6, 1964
<br />April 5, 1965
<br />April 5, 1965
<br />
<br />$].08,405
<br />
<br />596,900
<br />130,500
<br />92,100
<br />17,472
<br />13,310
<br />40,653
<br />~l,Ooo,OOO
<br />
<br />A separate fund of the Village is hereby created for each of said improvements,
<br />and there shall be credited to each thereof, from the proceeds of said bonds, the
<br />estimated cost of the improvement on account of which it was created, as shown
<br />above. ~e moneys in each of such funds shall be used as prescribed in Minnesota
<br />Statutes, Section 429.091, Subdivision 4.
<br />
<br />4. Upon completion of each of said improvements, or prior thereto, the
<br />Council shall do and perform aU acts and things necessary for the final and valid
<br />levy of special assessments upon properties within the respective areas designated
<br />to be assessed therefor, in an aggregate amount equal to the total cost of each im-
<br />provement as finaJ.ly ascertained, less such portion, if any, as the Council shall
<br />direct to be paid by the levy of ad valorem taxes, including, but without limita-
<br />tion, interest accrued on the temporary improvement bond proceeds used to finance
<br />the improvements, from the date of such bonds to the date of levy of special assess-
<br />ments. In the event that any such assessment shall be at any time held invalid
<br />with respect to any lot or tract of land, due to anyerror, defect Qr irregularity
<br />in any action or proceeding taken or to be taken by the Village or the Councilor
<br />any of the Village's officers or employees, in the making of the assessment or the
<br />performance of any condition precedent thereto, the Village shall do all such fur-
<br />ther acts and things and shall take all such further proceedings as shall be re-
<br />quired by J.aw to make such assessments a valid and binding lien upon said property.
<br />
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