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<br />Reso. 158
<br />
<br />- 5 -
<br />
<br />(Form of Coupon)
<br />
<br />No.
<br />
<br />$
<br />
<br />On the 1st day of July (January), 19 , the Village of Roseville,
<br />R8lTlsey County, Minnesota, will pay to bearer at ,
<br />in _._____ , the sum of roLLARS
<br />lawful money of the United States of America for interes~then due on its
<br />Sanitary Sewer Improvement Bonds, Series C, dated October 1, 1957, No. . .
<br />'\
<br />
<br />(Facsimile signature)
<br />Village Clerk
<br />
<br />(Facsimile signature)
<br />Mayor .
<br />
<br />(Coupons numbered and upwards, attached to bonds numbered
<br />____and upwards, shall also include the phrase: ~Un1ess the
<br />bond described below is called for earlier redemption".)
<br />
<br />4. Said bonds shall be prepared under the direction of the Village
<br />Clerk and shall be executed on behalf of the Village by the signature of the
<br />M~yor, countersigned by the Village Clerk, and the corporate seal of the Village
<br />shall be affixed thereto, and the appurtenant interest coupons shall be executed
<br />and authenticated by the printed, engraved or lithographed facsimile signatures
<br />of said Mayor and Clerk. When said bonds have been so executed and authenticated,
<br />they shall be delivered by the Treasurer to the purchaser thereof, upon payment
<br />of the purchase price heretofore agreed upon and said purchaser shall not be
<br />obliged to see to the application thereof; but the proceeds thereof shall be
<br />applied solely to the payment of costs .incurred and to be incurred in the construc-
<br />tion of Sanitary Sewer Improvement ~o. 1 of the Village under the contracts for
<br />the projects comprising the same which have heretofore been awarded.
<br />
<br />5. The total cost of the completion of Sanitary Sewer Improvement
<br />No. 1 in accordance with the plans and specifications heretofore approved and
<br />the contracts heretofore entered into therefor has now been ascertained to be
<br />approximately $2,600,:JOO,which sum has been borrowed by the issuance of the
<br />Sanitary Sewer Improvement Bonds, Series A, dated July 1, 1956, Series B, dated
<br />January 1, 1957, and Series C, dated October 1, 1957, authorized in this reso-
<br />lution. It is hereby determined that of said total cost the principal amount
<br />of $~lOO,OOO shall be paid by the levy of special assessments upon all proper-
<br />ties within the area heretofore determined to be assessable for said improve-
<br />ment, in amounts proportionate to and not exceeding the special benefits deter-
<br />mined to be derived from said improvement by each of the respective properties,
<br />which assessments shall be spread upon the tax rolls of the Village in each
<br />consecutive year commencing in 1957, in twenty (20) equal annual installments,
<br />wi th interest at the rate of five per cent (5%) per annl.Ull on the balance thereof
<br />from time to time remaining unpaid; the first installment to include interest
<br />from the date of levy of said special assessments, estirrlated to be on or about
<br />__). October 15,1957, to December 31,1958, and each of the subsequent installments
<br />to include one year's interest. The aggregate principal amount of said bonds
<br />include the sum of $85,775 representing the interest cost to the Village on said
<br />Sanitary Sewer Improvement Bonds accrued to October 1, 1957. Said sum is hereby
<br />appropriated, from the proceeds of said bonds, and shall be forthwith credited,
<br />to the Sanitary Sewer Improvement Bond Sinking Fund created by said resolution
<br />of June 26, 1956, and shall be used solely to pay such interest and to reimburse
<br />other funds of the Village for moneys heretofore advanced for such payments.
<br />The remaining annual principal and interest requirements of said bonds, in com-
<br />parison with the estimated annual collections of said special assessments, are
<br />as follows:
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