10/27/1971 Council Minutes - Laserfiche WebLink

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page 3 - Addendum, cont. (Form of Coupon) On the 1st day of May (November), 19 , the Village of Lino Lakes, Anoka County, Minnesota, will pay to bearer from its 1971 Water -Sewer Improvement Chomonix Fund at Northwestern National Bank of Minneapolis, in the City of Minneapolis, the amount shown hereon for interest then due on its Temporary Improvement Bond of 1971, dated November 1, 1971, No. 1 (facsimile signature) Village Clerk ( facsimile signature 1 Mayor 4. The village clerk shall obtain a copy of the proposed approving legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson, which shall be complete except as to dating thereof and shall cause said opinion to be printed on each bond, together with a certificate to be signed by his facsimile signature in substantially the following form: I hereby certify that the foregoing is a full, true and correct copy of the legal opinion executed by the above named attorneys, except as to the dating thereof, which opinion has been handed to me for filing in my office prior to the time of bond delivery. (facsimile signature) Village Clerk The clerk shall obtain a copy of the opinion at the time of bond delivery and execute a separate certificate as to such opinion upon receipt of such opinion and shall file the opinion in his office. 5. The bonds shall be prepared under the direction of the village clerk and shall be executed on behalf of the village by the manual signature of the mayor and facsimile signature of the village clerk and a facsimile of the corporate seal of the village shall be affixed thereto, and the coupons shall be executed and authenticated by the facsimile signatures of said officers. When said bonds have been executed and authenticated, they shall be delivered by the treasurer to the purchaser thereof, upon payment of the purchase price heretofore agreed upon, and said purchaser shall not be obligated to see to the application thereof. 6. The council has determined to levy special assessments against property benefited by reason of the making of 1971 Water and Sewer Improvement Chomonix in an amount not less than % of the cost, in order to produce sums at least 5% in excess of the amounts sufficient to pay principal and interest when due on said temporary improvement bonds and on any definitive bonds to be issued as herein provided, such special assessments to be placed on the tax rolls subsequent to the time when said project has been completed and the total cost thereof has been determined. 7. The village further recognizes its statutory duty, as provided by Section 429.091, and covenants and agrees with the purchaser and all holders from time to time of said Temporary Improvement Bonds, at or prior to the maturity thereof, it will pay and retire such bonds and the interest thereon out of the proceeds of definitive improvement bonds which the council shall issue and sell at or prior to the maturity of the temporary improvement bonds, to the extent that