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Said Temporary Improvement Bond FUnd shall constitute a separate and special debt redemption fund, to be maintained as long as any of the bonds herein authorized remain unpaid, the moneys therein to be used only for the payment of principal of and interest on the bonds herein authorized and on any additional bonds hereafter issued and made payable fr-om said fund. After discontinuatlCe of any of said im- provement funds, and as long as any of said bonds shall remain unpaid, the collec- tions of all general ad valorem taxes and special assessments previously required to be paid into the discontinued fund shall be paid into said Temporary Improvement Bond Fund, or, if any definitive improvement bonds have been issued on account of said improvement, into a fund to be created for payment of such bonds. \',"____--.~rl4. It is hereby covenanted and agreed that the Village will not later , than October 1, 1970, do and perform all acts and things necessary for the final and valid levy of special assessments upon the properties benefited by said improve- ments, in a principal amount not less than 20% of the cost of each improvement. In the event that any such assessment shall be at any time held invalid with respect to any lot or tract of land, due to any error, defect or irregularity in any action . or proceeding taken or to be taken by the Village or the Village Councilor any of \ the Village officers or employees in the making of the assessment or the periorm- Lance of any condition precedent thereto, the Village will do all such further acts and things and shall take all such further proceedings as shall be required by law ~ke such assessment a valid and binding lien upon the property assessed. 5. Not later than May 1, 1973, the Council will by resolution provide for the issuance, sale and delivery of definitive improvement bonds, payable from such fund or funds as may be determined by the Council, for the purpose of providing moneys to pay and redeem all temporary improvement bonds payable from said Temporary Improvement Bond Fund which become due and payable on said date, so far as the same cannot be paid out of moneys then on hand in said fund. 6. The Village shall forthwith issue and deliver to the purchaser there- of its negotiable coupon general obligation Temporary Improvement Bonds of 1970, dated as of May 1, 1970, in the denomination of $5,000 each and in the principal amount of $1,595,000, to be numbered from 1 to 319. Said bonds shall mature on May 1, 1973, and shall bear interest at the rate of 5.50 % per annum from date of issue until paid or duly called for redemption, all interest to be payable on May 1 and November 1 of each year, commencing on November 1, 1970. Each bond is subject to redemption and prepayment at the option of the Village on May 1 or November 1, 1972, in inverse order of serial numbers, at a price of par and accrued interest, on notice of call for redemption published not less than 30 days prior to the date specified for redemption in a daily or weekly periodical published in a Minnesota city of the first class or its metropolitan area which circulates throughout the state and furnishes financial news as a part of its service. The Village Treasurer shall also mail notice of call for redemption to the bank at which principal and interest are the n payable, but published notice shall be effective without mailing. The principal of and interest on said bonds shall be payable at The First National Bank of saint Paul , in st. Paul , Minnesota, and the Village hereby agrees to pay the reasonable and customary charges of said paying agent for the receipt and disbursement thereof. 7. Said bonds and the coupons attached thereto shall be in substantially the following form: -4-