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4. Said bonds shall be prepared under the direction of the Village Clerk and attorney and shall be executed on behalf of the Village by the signa- ture of the Mayor and countersigned by the Village Clerk, and a facsimile of the corporate seal of the Village shall be printed on each bond. On the reverse side of each bond shall be printed a copy of the approving legal opinion rendered by bond counsel and the certificate of the Mayor and Clerk. The legal opinion cer- tificate and the interest coupons attached to said bonds shall be executed and. authenticated by the printed, engraved or lithographed facsimile signatures of said Mayor and Village Clerk. When said bonds have been so executed and authenti- cated, they shall be delivered by the Treasurer to the purchaser thereof upon pay- ment of the purchase price in accordance with the contract of sale heretofore made and executed, and said purchaser shall not be obliged to see to the application of the purChase price. The proceeds of the bonds, including the accrued interest and premium, if any, shall be deposited in the Series 1 Temporary Improvement Bond Fund of the Village and used to pay the principal and interest coming due on May 1, 1966, on the $3,265,000 Temporary Improvement Bonds, Series 1 of the Village dated May 1, 1964. 5. The Village has duly levied special assessments for the payment of the cost of all improvements financed from the proceeds of the Temporary Improve- ment Bonds, Series 1, which special assessments are payable in annual installments on the tax rolls of the years 1965 through 1983, collectible in the respective ensuing years, with interest at the rate of 5% per annum on the balance thereof from time to time unpaid. It is estimated that the aggregate principal amount of said special assessments not heretofore paid or prepaid is $1,838,000. In the event that any of said special assessments shall at any time be held invalid with respect to any lot or parcel of land, due to any error, defect or irregularity in any actiOn or proceedings taken by the Council, or by any officer or employee of the Village, in the making of the assessments or in the performance of any condi- tion precedent thereto, the Village covenants and agrees that it will do all such further acts and take all such further proceedings as shall be required by law to make such assessments a valid and binding lien upon said property. Said improve- ments having been completed, all collections thereof in the improvement funds for the respective improvements have been transferred into the Series 1 Temporary Improvement Bond Fund. The Treasurer is directed to apply the amount of $365,607.50 now in said fund to the p~ent of interest and principal due on said Temporary Improvement Bonds, Series 1 on May 1, 1966, and to transfer any remain- ing balance in said temporary fund to the Water Improvement Bond Sinking Fund. All additional collections of said special assessments are likewise appropriated te the Water Improvement Bond Sinking Fund and shall be credited to said fund as received. 6. The full fa! th and credit of the Village is irrevocably pledged for the prompt and full payment of the principal of and interest on the bonds to be issued hereunder, and these bonds shall be payable from the Water Improvement Bond Sinking Fund in accordance with the provisions contained in said resolution dated November 7, 1962. For the purpose of providing, with the estimated collections of said special assessments and of taxes and special assessments and other funds heretofore appropriated to the Water Improvement Bond Sinking Fund, annual sums for said fund not less than 5% in excess of the amounts required to pay principal and interest payments On the bonds of this Series 5 and bonds now payable from that fund, an ad valorem tax is hereby levied upon all of the taxable property within the corporate limits of the Village, to be spread upon the tax rolls of each of the years 1966 to 1982, inclusive, in the following respective amounts: Year - Amount Year Amount