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4. Said bonds shall be prepared under the direction of the Village Clerk and shall be executed on behalf of the Village aby ;t;~~.:iMfi.~tl.fff of the Mayor and countersigned by the Village Clerk, and sealed wi~h7t"ne corporate seal of the Vil- lage, and the interest coupons and legal opinion certificate shall be executed and authenticated by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk. When said bonds have been so executed and authenticated, they shall be delivered by the Treasurer to the purchaser thereof upon payment 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. So much of the proceeds of the bonds as may be necessary with any special assessments then on hand in the Series 3 Temporary Bond Fund, including the accrued interest and premium, if any, shall be deposited in the Series 3 Temporary Improve- ment Bond Fund of the Village and used to pay and redeem the principal and interest on the $1,050,000 Temporary Improvement Bonds, Series 3 of the Village dated Decem- ber 15, 1967. The balance of the proceeds shall be deposited in the funds of the improvements named in Section 1 hereof and used to pay the remaining costs of said improvements, the amount to be deposited in each fund to be a sum equal to the re- maining unpaid costs of such improvement according to the estimates heretofore made. 5. The Village has levied or will levy special assessments for the pay- ment of the cost of each improvement financed from the proceeds of the Temporary Improvement Bonds, Series 3, and the bonds herein authorized, not less than 20% of the total cost of each improvement, which special assessments or the remaining ~n- stallments thereof will be spread on the tax rolls of the years 1968 through 1987, collectible in the respective ensuing years, with interest at the rate of 6% per annum on the balance thereof from time to time unpaid. It is estimated that the aggregate p~cipal, aw~unt of said special assessments not heretofore paid or pre- paid is $i~026,1~2:~~ 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 per- formance of any condition 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 All collections of said special assessments received after the deposit of bond pro- ceeds in the Series 3 Temporary Bond Fund pursuant to Section 4 hereof are appropri- ated to the General Improvement Bond Sinking Fund and shall be credited to said fund as received. 6. The full faith 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 General Improvement Bond Sinking Fund in accordance with the prOvisions contained in said resolution dated July 1, 1963. 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 General 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 4 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 1968 to 1987, inclusive, in the following respective amounts: -9-