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<br />5. The full faith and credit of the Village is pledged for the prompt
<br />and full pa~ent of the principal of and illGerest on the bonds. It is estiInated
<br />that special assessments will be levied on property benefited by improvements
<br />designated in paragraph 1 hereof (numbers 64-2, 65-20, 65-31, 65-34, 66-16,
<br />65-19, 65-18, and 65-17) in the aggreGate principal amo'lIlt not less than
<br />$ 410,644 , and will be made payable in three equal annual installments
<br />of principal, with interest at t.he rabe of 5.00 10 per annum on the balance
<br />thereof from time to time unpaidc It is eS.;jimated that special assessments
<br />will be levied on property benefited by :i.rllpl'ovements designated in paragraph 1
<br />hereof (65-32, 65-40, 65-8, 65-9, 65-11, 65-37, 65-~3, consolidated 66-14 and
<br />66-15, and 65-46) 1..1'1 ~":'. aggregate prbcipa1 amount na~ less than $504,600 ,
<br />and will be made pa;yable in t\fenty eq.;;.al annual installments of principal, with
<br />interest at the rate of 5 .00 % per annum on -t.he baJ.ance thereof from time
<br />to time 1.IDpaid. For the puryose o:f producing, together with the collections
<br />of said special assessments, sums not less than 5% in excess of the amounts
<br />required to pay when due the prindpal and interest on the bonds herein authorized,
<br />there is hereby leVied upon all of the taxable property within the Village a tax
<br />to be spread upon the ta."'{ rolls of each of the years 1966 to 1985, inclusive, in
<br />the following respective amounts: - collectible in the following year:
<br />
<br />Year
<br />
<br />1966
<br />1967
<br />1968
<br />1969
<br />1970
<br />1971
<br />1972
<br />1973
<br />19'"(4
<br />1975
<br />
<br />Amount
<br />
<br />Year
<br />
<br />-Amount
<br />
<br />$105,000
<br />105,000
<br />105,000
<br />105,000
<br />83,800
<br />82,200
<br />80,500
<br />78,700
<br />77,000
<br />75,300
<br />
<br />1976 $73,500
<br />1977 71,800
<br />1978 70,000
<br />1979 68,200
<br />1980 66, 400
<br />1981 64,600
<br />1982 62,700
<br />1983 60,800
<br />19811. 58,900
<br />1985 57,000
<br />1986 80,400
<br />The proceeds of this tax l'~vy aTe hereby appropriated to the Gen0ral IrJ.provement
<br />Bond Sinki.''lg FU.l1d, together vlitt the special asseDsments collected after the
<br />:i..IDprovement j.s canpleted and the cost thereof paid... Said tax sUcl11 be irre,..
<br />pealable as long as any of said b~ds are outstandi:..'1g and 'lmpaid; provided,
<br />that the Vi11ag~ rese~ves the right and power to reduce the levies j~ the
<br />manner and to the extent permitted by Minnesota Statutes 1961, Section 475.61.
<br />
<br />5. The Village Clerk is hereby authorized and directed to file a certi-
<br />fied copy of this resolution with the County Auditor of Ramsey County, together
<br />with such other information as he shall require, and to obtain from said Cotmty
<br />Auditor a certificate that said bonds have been entered on his bond register
<br />and that the tax required by law for the payment of said bonds has been levied.
<br />
<br />6. The officers of the Village and the County Auditor of Ramsey County
<br />are hereby authorized and directed to prepare and furnish to the purchaser of the
<br />bonds and to the attorneys approving the legality of the issuance thereof certi-
<br />fied copies of all proceedings and records relating to said bonds and to the
<br />
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