10/27/1971 Council Minutes - Laserfiche WebLink

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page 2 - Addendum, cont. 1 of Minneapolis in the City of Minneapolis, Minnesota, in any coin or currency of the United States of America which on the respective dates of payment is legal tender for public and private debts. For the prompt and full payment of such principal and interest as the same become due, the full faith, credit and taxing powers of the village are hereby irrevocably pledged. All bonds of this issue are subject to redemption at the option of the village on November 1, 1973 and May 1, 1974 in inverse numerical order at par and accrued interest. Thirty days prior notice of redemption will be given in the manner provided by law. Interest shall cease on and after the redemption date unless the bond is presented and payment is refused. This bond is one of a series in the aggregate principal amount of $550,000, all of like date and tenor except as to serial number, all issued by said village for the purpose of defraying expenses incurred and to be in- curred in construction of 1971 Water and Sewer Improvement Chomonix pursuant to and in full conformity with resolutions duly adopted by the Village Council after hearings as required by law and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Section 429.091, Subdivision 3. This bond is payable primarily from assessments to be hereafter levied for said improvement and ad valorem taxes for general village share of the cost, but the Council is required to pay the principal thereof and interest thereon out of any funds in the treasury in the event the moneys on hand in said special fund are at any time insufficient to meet the payment of maturing principal and interest, and is further required, at or prior to the maturity of this bond, to provide for the payment and retire - ment thereof by the issuance of definitive bonds to the extent, if any, that the assessments and taxes or other municipal funds theretofore collected and received in said special fund account may be insufficient for such purpose. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED That all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed preliminary to and in the issuance of this bond in order to make it a valid and binding general obligation of said village according to its terms, have been done, to exist, have happened and have been performed as so required; that the Village Council has duly determined the necessity of and provided for the construction of said improvements; that a special fund has been duly created and provision will be made for the support thereof by ad valorem taxes and special assessments to be levied, at or prior to the time of maturity or by the issuance of definitive bonds; that the holder hereof shall have and may enforce by appropriate proceedings all duties imposed by Minnesota Statutes, Chapter 429, upon the village and its officers with re- ference to the levy and collection of said assessments and taxes and the issuance of said definitive bonds; and that the issuance of this bond did not cause the indebtedness of said village to exceed any constitutional or statutory limitation. IN WITNESS WHEREOF The Village of Lino Lakes, Anoka County, Minnesota, by its Village Council, has caused this bond to be executed in its behalf by the manual signature of its Mayor and facsimile signature of its village clerk and sealed with a facsimile of its corporate seal, and the interest coupons appurtenant thereto to be executed and authenticated by the facsimile signature of said officers, and has caused this bond to be dated as of November 1, 1971. (facsimile signature) Village Clerk (SEAL) Mayor