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`~38 SPECIAL MEETING, MONDAY, MAY 27, 1957 Meeting called to order at 8:00 P.M., the following council members being present: William R. Utecht, Mayor; George J. Shavor, Trustee; Harold C. Nilsen, Trustee; Willis Warkentien, Trustee; Clyde J. Stewart, Clerk. Also present: William E. Olsen, Treasurer; Frank N. Graham, Attorney' and B.B. Knopp. Mr. B.B. Knopp, Manager of the municipal bond department of the First National Bank, of Saint Paul, discussed the situation of the municipal bond market at the present time and the various provisions which would have to be considered by the Village in connection with the issuance of bonds to finance the Sanitary Sewer System Improvement No. 1. - After discussion, Trustee Nilsen moved the adoption of the following resolution: RESOLUTION FOR ISSUANCE OF IMPROVEMEN T BONDS WHEREAS, contracts have been entered into for the construction of Sanitary Sewer System Improvement No. 1 at a contract price of X692,858.65 and additional expenses of ~207,1lt1.35, covering the St Paul connection charge, engineering, inspection, legal costs and contingencies, have been or will be incurred in connection with the improvement, making a total cost of Sanitary Sewer System Improvement No. 1 of X900,000, and of this cost, the Village will pay X280,000 as its share of the cost and X620,000 will be specially assessed against property benefited thereby. NOW THEREFORE, BE IT RESOLVED by the Village Council of the Village of Falcon Heights, Minnesota; 1. The improvement hereinabove described shall be financed by the issuance of improvement bonds pledging the full faith and credit of the Village and shall be hereafter referred to as Sanitary Sewer System Improvement No. 1. A separate improvement fund is hereby established for such improvement and shall be called Sanitary Sewer System Improvement No. 1 Fund. The proceeds from the sale of improvement bonds herein. provided for and from collections of special assessments and taxes levied for the improvement and any other moneys appropriated thereto by the Village shall be paid to such fund and it shall be used solely to defray expenses ~f the improvement and payment of principal and interest due upon the obligations until completion and payment of all costs of the improvement. 2. Improvement bonds on account of Sanitary Sewer System Improvement No. 1 shall be issued in the total amount of X900,000, said bonds to be 900 in number and numbered from 1 to 900, both inclusive and in the denomination of 461,000-each, shall bear date July 1, 1957, shall bear interest at the rate designated by the successful bidder, payable July 1, 1958 and semi-ahinually thereafter. on the lst day of January and the lst day of July in each year and shall mature serially, $615,000 on January 1, 1959 and ~Lt5,000 on each January 1 thereafter to and including January 1, 1978.