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3. The Temporary Improvement Bonds, Series 3, in the aggregate principal amount of $1.050,000, shall be numbered serially from 1 to 3, inclusive, and issued in the denominations of $500,000, $400,000 and $150,000, respectively, shall be dated December l5. 1967, shall mature December 15, 1968, shall bear interest at the rate of 4.80% per annum, payable at maturity or on the date fixed for prior redemption, and shall each be subject to redemption and prepayment at the option of the Village at any time, at par plus accrued interest to the redemption date. Both principal and interest shall be payable at the office of the Village Treasurer. Bond No. 1 shall be payable as to both principal and interest to the Sanitary Sewer Improvement Bond Sinking Fund, bond No. 2 to the Water Improvement Bond Sinking Fund, and bond No. 3 to the General Improvement Bond Sinking F1.Uld. The transfer of ownership of each of the bonds, as to both principal and interest, shall be registered by the Treasurer upon the books of the Village if and when directed by further resolution of this Council, in the manner and with the effect provided in the form of bond set forth above. In the event of such transfer of any bond, and the subsequent call of the bond for redemption before maturity. the Treasurer shall mail notice of the call thereof to the registered owner, at his address as shown on the Village's books, not less than ten days before the date fixed for redemption. 4. The bonds shall be prepared for execution under the direction of the Village Clerk and executed on behalf of the Village by the signature of the Mayor and countersigned by the Village Clerk, and the corporate seal of the Village shall be affixed to each bond. When the bonds have been so executed and authenticated they shall be deposited by the Village Treasurer in the respective sinking funds to which they are payable, and the Treasurer shall transfer an amount equal to the par value thereof plus interest accrued thereon from each of said sinking funds to the Series 3 Temporary Improvement Bond Fund, which is created and shall be maintained by the Treasurer thereafter as a separate bookkeeping account on the Village's offi- cial records, until all bonds issued hereunder have been fully paid and redeemed. 5. A separate fund has heretofore been created for each of the improve- ments listed in Section 1 of this resolution. The Treasurer shall transfer from the Series 3 Temporary Improvement Bond Fund to the fund of each of the improvements money in the amount required, with any balance in each fund, to pay all claims here- tofore allowed by the Council against such fund; and hereafter the Treasurer shall transfer from said Bond Fund to the respective Improvement Funds such additional amounts as may be necessary to pay further claims duly allowed against such funds, for expenses necessarily incurred in the making of the respective improvements, in the order in which said claims are allowed. 6. Upon completion of each of said improvements, or prior thereto, the Council shall do and perform all acts and things necessary for the final and valid levy of special assessments upon properties within the respective areas designated to be assessed therefor, in an aggregate amount equal to the total cost of each im- provement as finally ascertained, less such portion, if any, as the Council shall direct to be paid by the levy of ad valorem taxes, including, but without limitation, interest accrued on the temporary improvement bond proceeds used to finance the -5-