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<br />Shields
<br />
<br />then introduced the following resolution
<br />
<br />and moved its adoption:
<br />
<br />/fe..s 0/ tv/; O.AI ,j/(), /4/90l.. - /-?
<br />RESOLUTION AUTHORIZING THE ISSUANCE OF
<br />$2,950,000 WATER IMPROVEMENT BONre, SERIES 5
<br />
<br />BE IT RESOLVED by the Council of the Village of Roseville, Minnesota,
<br />as follows:
<br />
<br />1. The total cost of Water Improvements 62-2 and 64-4 and of the
<br />ether water improvements financed in whole or in part fram the proceeds of the
<br />Temporary Improvement Bonds, Series 1, dated May 1, 1964, has been fully paid
<br />and the amount of moneys remaining on hand in the respective improvement funds
<br />has been determined and has been transferred to the Series 1 Temporary Improve-
<br />ment Bond Fund in accordance with paragraph 5 of Resolution No. 948A, establish-
<br />ing the form and terms of said bonds, dated April 22, 1964. The amount so trans-
<br />ferred is sufficient for the payment of $315,000 principal amount of said bonds
<br />and of $50,607.50 of interest to become due on said bonds May 1, 1966. It is
<br />hereby determined to be necessary for the Village to issue its definitive Water
<br />Improvement Bonds, Series 5 in the principal amount of $2,950,000, for the pur-
<br />pose of defraying all expenses incurred by the Village in completing Water
<br />Improvements 62-2 and 64-4, except such as have heretofore been paid; including
<br />payment and retirement of the Temporary Improvement Bonds, Series 1 at their
<br />maturity on May 1, 1966. Said Series 5 bonds have been duly advertised and sold
<br />in accordance with a resolution adopted this date, and shall now be issued and
<br />secured in accordance with the provisions of the contract of sale and of Minne-
<br />sota Statutes, Chapters 429 and 475, and of the resolution adopted November 7,
<br />1962, entitled "RESOLUTION ESTABLISHING A SINIaNG FUND FOR THE PAYMENT OF WATER
<br />IMPROVEMENT BONDS AND APPROPRIATING TO THAT FUND TAXES AND SPECIAL ASSESSMENTS
<br />LEVIED FOR IMPROVEMENTS FINANCED BY SUCH BONDS", which is by reference incorpor-
<br />ated herein and made a part hereof, and in accordance with the further provisions
<br />of this resolution.
<br />
<br />2. Said water improvement bonds shall be in the total principal amount
<br />ef $2,950,000, shall be designated Water Improvement Bonds, Series 5, shall be
<br />dated April 1, 1966, shall be 590 in number and numbered from 1 through 590 ,
<br />each in the denomination of $ 5000, shall mature serially on April 1 in the years
<br />and amounts set forth below, and shall bear interest from date of issue until
<br />paid or until duly called for redemption at the annual rates set forth opposite
<br />such years and amounts, respectively:
<br />
<br />Year Amount Rate ~ Amount Rate
<br /> -
<br />1967 $165,000 3.80% 1976 $165,000 4.00%
<br />1968 165,000 3 . 800~ 1977 165,000 4.00%
<br />1969 165,000 3.80% 1978 165,000 4.00%
<br />1970 165,000 3.80% 1979 165,000 4.10%
<br />1971 165,000 3.80% 1980 165,000 4.10%
<br />1972 165,000 3.90% 1981 165,000 4.20%
<br />1973 165,000 3.90% 1982 165,000 4.20%
<br />1974 165,000 3.90% 1983 165,000 4.20%
<br />1975 165,000 3.90% 1984 145,000 4..20%
<br />
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