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<br />Resolution No.~ (cont'd) <br /> <br />5. There is hereby created a special fund to be designated as <br />"Fire and Street Equipment Certificates of Indebtedness Fund", to be held <br />and administered by the Village Treasurer separate and apart from all other <br />funds of the Village. Said fund shall not be maintained in the manner <br />herein specified until all of the Certificates herein authorized and interest <br />thereon shall have been fully paid. In said fund there shall be maintained <br />two separate accounts to be designated as the "Acuisition Account" in <br />authorized, less accrued interest received thereon, shall be credited to the <br />Acquisition Account. From said Acquisition Account there shall be paid all <br />of the costs of the acquisition of street and fire equipment for the Village <br />and the moneys in said account shall be used for no other purposes, provided <br />that if upon completion of srl.d acquisition there shall remain any unexpended <br />balance in said Acquisition Arcount such balance shall be transferred to the <br />Sinking Fund Account. There shall also be credited to the Sinking Fund Account, <br />all collections of general taxes herein levied and all accrued interest <br />received upon delivery of said Certificates. The Sinking Fund Account shall <br />be used solely to pay principal and interest on the Certificates issued <br />hereunder. <br /> <br />6. To provide moneys for the payment of said principal and interest there <br />is hereby levied. upon all of the taxable property in the Village direct <br />general annual ad valorem tas, which shall be spread upon the tax rolls and <br />collected with and as part of, other general property taxes in said Village <br />for the years and in the amount as follows: <br /> <br />Year Amount <br />1953 $5,900 <br />1954 5,800 <br />1955 10,900 <br />1956 l3,900 <br />1957 6,000 <br /> <br />Said tax shall be irrepealable as long as any of s aid Certificates are <br />outstanding and unpair, provided that the Village reserves the right and power <br />to reduce the levies in the manner and to the extent permitted by section <br />475.61 (3) M.S.!. <br /> <br />7. The full faith and credit of the Village is hereby pledged for the <br />payment of principal and interest of saij Certificates. <br /> <br />./ <br /> <br />8. The Village Clerk is hereby directed to file a certified copy of this <br />resolution with the County Auditor of Ramsey County, Minnesota, together with <br />such other information as he shall require, and to obtain from said Auditor <br />a certificate that said Certificates have been entered in the Auditor's Bond <br />Register, and that the tax levy required by law has been made <br /> <br />Mayor <br /> <br />ATTEST: <br /> <br />Clerk <br />