|
<br />- 5 -
<br />
<br />annual and valorem tax on all taxable property wi thin its corporate limits for the years anc
<br />in amounts such as to produce, together with the collections of said spe~ial assessments,
<br />sums sufficient to pay the principal and interest when due on all bonds ~ssued in respect
<br />to said improvement and to provide the five per cent excess required by Minnesota Statutes,
<br />Section 475.61. Said levies shall be irrepealable as long as any of such bonds are
<br />outstanding and unpaid, pr~rided that the Village reserves ~he right and power to r~duce
<br />said levies by the amount of any moneys irrevrodably appropr~ated to and actually pa~d
<br />into said Sinking Fund, other than collections of said taxes and special assessments, in
<br />accordance with the provisions of said Section 475.61. The full faith and credit of
<br />the Village shall be and is hereby irrevocably pledged for the prompt and full payment
<br />of the principal of an interest on all bonds issued and to be issued in respect of
<br />Sanitary Sewer Improvement No.3, and if at any time the moneys in said Sinking Fund
<br />should be insufficient to pay all such prinicpal and interest then due, the Council
<br />shall provide sufficient moneys for such payment from any other funds in the treasury
<br />of the Village, and such funds may be reimbursed from the proceedsof said special
<br />assessments and taxes to any extent required to restore any deficiency in said fund
<br />for the payment of said bonds and interest, which levy may be made without limitation
<br />as to rate or amoUL~t.
<br />
<br />5. For the purpose 0" paying a portion of the cost of said improvements, and
<br />in anticipation of the collection of said taxes and special assessments, the Village
<br />shall forthwith issue its negotiable general obligation bonds to be designated as
<br />Sanitary Sewer Improvement Bonds, Series G, in the aggregate principal amount of
<br />$1,000,000, dated as of June 1, 1960, Said bonds shall be 1,000 in number and numbered
<br />from 1 to 1,000, inclusive, each in the denomination of $1,000 and shall mature serially
<br />in the amount of $50,000 on June 1 each of the years 1962 through 1981. Bonds numbered
<br />1 through 500 shall be payable at their respective stated maturity dates without option
<br />of prior payment, but those numbered 501 through 1,000 shall be each subject to
<br />redemption and prepayment at the option of the Village on June 1, 1965, and any interest
<br />payment date thereafter, in inverse order of their serial numbers, and at a price of par
<br />and accrued interest plus a premium of $20 for each bond prepaid on or before June 1,
<br />1970, and $10 for any bond prepaid thereafter but on or before June 1, 1975, and without
<br />premium if prepaid after June 1, 1975. Not less than 30 days prior to the date
<br />specified for redemption of any of said bonds the Villa~e Treasurer shall mail notice
<br />of the call thereof to the bank at which principal and interest are then payable and
<br />to the holder, if known, of each bond to be prepaid, and saia Treasurer shall maintain
<br />a record of the names and addresses of the holders of prepayable bonds of said issue so
<br />far as said information is made available to him, for the purpose of mailing said notices.
<br />The bonds of said :issue bearing the respective serial numbers and maturing in the
<br />respective years set forth below, shall bear interest at the annual rates set forth
<br />opposite said maturity years and serial numbers:
<br />
<br />11aturity Years Serial Numbers Interest Rates
<br />1962 - 1968 1 - 350 4.10%
<br />1969 - 1973 351 - 600 4.30%
<br />1974 - 1977 601 - 800 4.40%
<br />1978 - 19R1 801 - 1000 4.50%
<br />
<br />Each of said bonds shall bear interest at the additional rate of 1.50% per annum from
<br />July 16, 1960 to December 1, 1961, to be evidenced by a separate set of interest coupons
<br />des~gnated as liB" Coupons. Interest on said bonds shall be payable June 1, 1961, and
<br />~em]-annual1y thereafter on December 1 and June 1 of each rear. Both principal and
<br />~nterest ~hal1 be payable at The First National Bank of St. Paul in St. Paul, Minnesota,
<br />and, the V~llage hereby agrees to pay the reasonable and customary charges of said
<br />paY1ng agent for the receipt and disbursement thereof. .
<br />
<br />6.
<br />
<br />Said improvement bonds shall be in substantially the following form:
<br />
|