01/29/1970 Council Minutes - Laserfiche WebLink

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(Form of Coupon) No. $ III On the 1st day of March (September), 19 , the Village of Lino Lakes, Anoka County, Minnesota, will pay to bearer at the main office of the Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota the sum set forth hereon for interest then due on its Municipal Building Bond of 1970 dated March 1, 1970, No. 1 (facsimile signature) Village Clerk (facsimile signature) Mayor 5. The bonds shall be prepared under the direction of the Village Clerk and shall be executed on behalf of the Village by the signatures of the Mayor and the Village Clerk and the corporate seal of the Village shall be affixed to each thereof, and the interest coupons shall be executed and authenticated by the printed facsimile signatures of said Mayor and Clerk. When said bonds have been so executed, they shall be delivered by the Village Treasurer to the purchaser thereof upon receipt of the purchase price and the purchaser shall not be obligated to see to the proper application thereof. 6. There is hereby created a separate sinking fund for said bonds, which shall be held by the Village Treasurer and used for no other purpose than to pay principal of and interest on said bonds, provided that if any payment of principal or interest shall become due when there is not sufficient money in said fund to pay the same, the Treasurer shall pay such principal or interest from the General fund of the Village and said General fund shall be reimbursed for such advances out of the proceeds of taxes levied pursuant hereto or other moneys appropriated by the Village Council for such purpose. Into said sinking fund shall be paid all proceeds of the taxes levied pursuant to this resolution and such other moneys as may be received by the Village for the purpose of, or appropriated to, the payment of said bonds and interest. 7. There is hereby levied upon all of the taxable property in the Village, a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as a part of other general taxes of the Village, which tax is for the years and in amounts as follows: YEAR LEVY Ma LEYI 1970 $ 19,400 1976 $ 14,100 1971 12,000 1977 13,400 1972 16,400 1978 12,700 1973 16,200 1979 12,00 1974 15,500 1980 11,300 1975 14,800 Each of said levies shall be irrepealable, provided that the Village reserves the right to reduce or cancel said levies when there is money available for such purpose. 8. The Village Clerk is hereby authorized and directed to file with the County Auditor of Anoka County, Minnesota, a certified copy of this resolution, together with such other information as the County Auditor may require, and to obtain from the County Auditor a certificate that such tax has been levied and the bonds have been entered upon his bond register.