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to be levied upon the area heretofore determined to be assessable with respect to the improvement will be in a principal amount not less than $1,000,000 and will be made payable in twenty (20) equal annual installments of principal, with interest at the rate of 5% per annum on the balance thereof from time to time unpaid, and that there is included in the amount of the bonds a sum sufficient to pay the in- terest to accrue upon all money borrowed and to be borrowed by the Village for the improvement during the period of construction and until the special assessments are finally levied and confirmed. Accordingly it is estimated that the collections of principal and interest on such special assessments, with capitalized interest to be paid from the proceeds of the bonds, will be sufficient to provide annual sums not less than 5% in excess of the amounts required to meet each year when due the prin- cipal and interest payments on the bonds presently issued, and accordingly no tax for such purpose is levied at this time. However, the full faith and credit of the Village is hereby pledged for the prompt and full payment of the principal of and interest on the bonds, and the Village covenants and agrees with the holders thereof that it will do all acts and things required for the levy and collection of special assessments and taxes and the making of all other provisions required for such pay- ment as more fully set forth in said resolution dated November 7, 1962. 6. The Village Clerk is hereby authorized and directed to file a certi- fied copy of this resolution with the County Auditor of Ramsey County, together with such other information as he shall require, and to obtain from said County Auditor a certificate that said bonds have been entered on his bond register. 7. The officers of the Village and the County Auditor of Ramsey County are hereby authorized and directed to prepare and furnish to the purchaser of the bonds and to the attorneys approving the legality of the issuance thereof certified copies of all proceedings and records relating to said bonds and to the financial affairs of the Village, and such other affidavits, certificates and information as may be required to show the facts relating to the legality and marketability of the bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and such certificates, certified copies and affida- vits, including any heretofore furnished, shall be deemed representations of the Village as to the correctness of all statements contained therein. Passed November 7, 1962. ~ -u< ~ Mayor ~/ ,/?, Attest: :e- ~/~~ ...."}Vil ge Clerk' The motion for the adoption of the foregoing resolution was duly seconded by JCA......e.lt- ~ r , and upon vote being taken thereon, the following voted in favor thereof: /7J~Yb R //7f!/ee ~ts~es ,I .-e')/y c.1 ~ /{ /f" ~ /1" ~ R- G'~cIk" / c,t; , ~JRp4?/l1/'r -10-