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_ _ -____ _ <br /> (Form of Coupon ) <br />No. ~ <br /> On the 1st day of July (January), lg the Village of <br />Falcon Heights, Ramsey County, Minnesota, wil pay to bearer at the <br /> the sum of 3 <br /> DOLLARS aw u money of the <br />ni e a es o merica or in eres en due on its Sanitary Sewer <br />System Improvement No. 1 Bond, dated July 1, 1957. <br />Facs mi e Signa ure <br />Mayor <br />acsim e Signa ure <br />Village Clerk <br />3. Said bonds shall be prepared under the direction of the <br />Village Clerk and shall be executed on behalf of the <br />Village by the signature of the Mayor, attested by the Village Clerk, <br />and the corporate seal of the Village shall be affixed thereto, and <br />the appurtenant interest coupons shall be executed and authenticated ~ <br />by the. printed, engraved, or lithographed facsimile signatures of said <br />Mayor and Clerk. When said bonds have been so executed and authenticated, <br />:they shall be delivered by the Treasurer to the purchaser thereof, upon <br />"`;;payment of the purchase price heretof ore agreed upon and said purchaser <br />JJshall not be obliged to see to the application thereof. ` <br />1~ <br />~+. There is hereby created a special fund to be designated ~~ <br />"Sanitary Sewer System Improvement No. 1 Fund", to be <br />-held and administered by the Village Treasurer separate and apart from <br />all other funds of the Village. Said fund shall be maintained in the <br />manner herein specified until all of the .bonds herein authorized and <br />the interest thereon have been fully paid. In said fund there shall <br />be maintained two separate accounts, to be designated as the "Construc- <br />~- tion Account" and the "Sinking Fund Account", respectively. The proceeds <br />'of sale of the bonds herein authorized, less accrued interest. received <br />;thereon, shall be credited to the Construction Account, together with <br />any such other monies as shall be appropriated to said account from <br />-~-- _ ~W.~~~.-_-_ <br />other Village funds, and from said account there shall be paid all <br />costs and expenses of making said improvement, as incurred and allowed, <br />-and the monies in said account shall be used for no other purpose; proy- <br />vided, that if upon completion of said improvement there shall remain <br />any unexpended balance in said Construction Account, such balance <br />shall be transferred to the Sinking Fund Account. There shall be <br />credited to the Sinking Fund Account all collections of the special <br />assessments and general taxes herein agreed to be levied, and all <br />accrued interest received upon delivery of said bonds, and any other <br />monies which may from time to time be appropriated for the payment of <br />the bonds herein authorized. The monies in said account shall be held <br />and used only for the payment of the principal of and the interest on <br />said bonds as such payments become due. The full faith and credit of <br />the Village shall be and are hereby pledged to pay said bonds and interest, <br />and the principal and interest thereof shall be paid out of any funds in <br />.the treasury, if the monies on hand iti said sinking fund account are at <br />any time insufficient to meet the payme~+t of maturing principal and <br />interest. ~ <br />