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Watermain Nilsen moved the follovring resolution providing for the
<br />Financing Issuance and sale of Larpenteur Avenue Watermain and Pumping
<br />Station.` Improvement 'fonds, Series A:
<br />.RESOLUTION PROVIDING FOR THE
<br />ISSUANCE AND SALE OF
<br />LARPENTEUR AVENUE WATERMAIN AND
<br />PUMPING STATION IMPROVEMENT BONDS,
<br />SERIES A
<br />~~_~~
<br />WHEREAS, the Village Council has heretofore determined to
<br />construct a Larpenteur Avenue Watermain and Pumping Station Improve-
<br />ment in the Village at a total cost of $88,000 and to specially assess
<br />more than twenty percent of the said cost against the abutting proper-
<br />ty pursuant to Minnesota Statutes; and
<br />WHEREAS, the Village Council has entered into a contract for
<br />the construction of the Watermain portion of the contract;
<br />NOW THEREFORE, be it resolved by the Village Council of the
<br />Village of Falcon Heights, Minnesota;
<br />1. The Village shall forthwith issue its negotiable coupon
<br />general obligation bonds, to be known as "Larpenteur Avenue Watermain
<br />and Pumping Station Improvement Bonds, Series A", in the aggregate
<br />principal amount of $67,000, to be 67 in number and numbered consecu-
<br />tively from 1 to 67, both inclusive, shall bear date of October 1,
<br />1959, shall bear interest from the date thereof until the principal is
<br />paid at the rate of four and twenty-hundredths percent (~.20~) per
<br />annum on all bonds maturing in the years 1962 to 1967, both inclusive,
<br />and at the rate of four and fifty-hundredths percent (~+.50gb) per annum
<br />on all bonds maturing in the years 1968 to 1979, both inclusive, pay-
<br />ably October 1, 1960 and semi-annually thereafter on April 1 and Octo-
<br />ber 1 in each year, plus additional interest represented by a separate
<br />set of interest coupons at the rate of one and fifty-hundredths percent
<br />(1.500 per annum from April 1, 1960 to October 1, 1962, payable October
<br />1, 1960 and semi-annually thereafter on April 1, 1961, October 1, 1961,
<br />April 1, 1962 and October 1, 1962. Said bonds shall be payable as to
<br />principal and interest at the American National Bank, St. Paul, Minne-
<br />sota, and shall mature serially on October 1 in the years and amounts
<br />as follows:
<br />$2,000 in each of the years 1962, 1964,
<br />1966, 1968 and 1970;
<br />$3,000 in each of the years 1963, 1865,
<br />1967 and 1969; and
<br />$5,000 in each of the years 1971 to 1979
<br />both inclusive;
<br />all bonds maturing October 1, 1978 and October 1, 1979, to be subject
<br />to redemption and prior payment at the option of the Village, in in-
<br />verse order of their numbers, on October 1, 1962 and on any interest
<br />payment date thereafter. All other bonds of this issue maturing after
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