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in the Village a direct, annual, irrepealable tax for the years and in the amounts, if any, which will be required, together with the collections of such remaining special assessments and interest thereon, to produce sums not less than 5% in ex- cess of the principal and interest payments when due upon the definitive improvement bonds, and shall appropriate all such remaining special assessments and taxes to the Water Improvement Bond Sinking Fund established by the resolution dated November 7, 1962, for the payment of such definitive improvement bonds and interest thereon. The proceeds of the definitive improvement bonds shall simultaneously be credited to the Series 1 Temporary Improvement Bond Fund, and the bonds herein authorized shall be paid from said fund and redeemed and canceled. 6. No tax is presently levied for the payment of the bonds herein author- ized, it being estimated that the proceeds of the definitive improvement bonds here- in covenanted and agreed to be issued, together with special assessments levied for said improvements, will provide funds adequate for the payment of said bonds and interest in full in accordance with Minnesota statutes 1961) Section 475.61. How- ever, the full faith and credit of the Village is hereby pledged for the payment of the bonds herein authorized, and ad valorem taxes shall be levied on all taxable property within the Village, without limitation as to rate or amount, to the extent required for the payment of said temporary bonds and interest. 7. The right is reserved to issue additional series of Temporary Improve- ment Bonds payable from the fund herein created; to pay any additional costs of Water Improvements No. 62-2 and No. 64-4 or of other municipal water improvements validly instituted in accordance with Minnesota Statutes, Chapter 429, provided that the special assessments and taxes to be levied with respect to any such im- provements shall be appropriated to the Series 1 Temporary Improvement Bond Fund and accounted for as provided in this resolution. 8. The Village Clerk is directed to file a certified copy of this reso- lution with the County Auditor of Ramsey County, and to obtain from the County Auditor before the delivery of the bonds herein authorized a certificate that said bonds have been duly entered upon the County Auditor's register. 9. The officers of the Village and the County Auditor of Ramsey County are authorized and directed to prepare and furnish to the purchasers of the bonds issued hereunder, and to the attorneys approving the legality of the issuance there- of, a certified copy of this resolution and of all other proceedings relating to said bonds, together with such affidavits, certificates and information as may be reasonably required to show the legality and marketability of said bonds, as such information appears from the books and records in their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits shall be deemed representations of the Village as to the correctness of all state- ments contained therein. The motion for the adoption of the foregoing resolution was duly seconded by Trustee Curley favor thereof: All , and upon vote being taken thereon, the following voted in and the following voted against the same: None whereupon the resolution was declared duly passed and adopted. -7-