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2. Said bonds shall be dated January 1, 1968, shall be numbered seri-
<br />ally from 1 to 50 inclusive, each in the denomination of 5,000 shall
<br />bear interest at the rates set forth below, from date of issue until paid or duly
<br />called for redemption, and shall mature serially on January 1 in the respective
<br />years and amounts as follows:
<br />Year Amount Interest Rate Year Amount Interest Rate
<br />1970 $15,000 4.70% 1980 0.0 000 4.90%
<br />1971 15,000 4.70% 1981 10,000 4.90%
<br />1972 15,000 4.70% 1982 10,000 5.00%
<br />1973 15,000 4.70% 1983 10,000 5..00%
<br />1974 15,000 4.70% 1984 10,000 5.00%
<br />1975 15,000 4.80% 1985 10,000 5.00%
<br />1976 15,000 4.80% 1986 10,000 5.00%
<br />1977 15,000 4.80% 1987 10,000 5.00%
<br />1978 15,000 4.90% 1988 10,000 5.00%
<br />1979 15,000 4.90% 1989 10,000 5.00%
<br />Interest shall be payable each January 1 and July 1, commencing on July 1, 19€8.
<br />Interest at the basic rate applicable to each bond, from date of issue to maturity,
<br />shall be represented by appropriate interest coupons appurtenant to such bond, and
<br />each and all of the bonds shall bear additional interest represented by separate
<br />coupons designated as "B" coupons, at the rate of 1.00% per annum for the
<br />limited period from February 7 1968, to July 1 19 69. The bond
<br />maturing in the years 1970 through 1981 shall not be subject to redemption before
<br />maturity, but those maturing in the years 1982 through 1989 shall be each subject
<br />to redemption and prepayment at the option of the Village on January 1, 1981, and
<br />any interest payment date thereafter, at a price of 102% of par and accrued inter-
<br />est. Not less than thirty days before the date specified for prepayment and re-
<br />demption of any of said bonds, the Village Treasurer shall cause notice of call
<br />for redemption to be published in a daily or weekly periodical published in a
<br />hinnesota city of the first class, or its metropolitan area, which circulates
<br />throughout the state and furnishes financial news as a part of its regular service,
<br />and shall also cause such notice to be mailed to the bank at which principal and
<br />interest are then payable, but published notice shall be effective without mail-
<br />ing. The principal of and interest on said bonds shall be payable at the American
<br />National Bank and Trust Company in St. Paul Minnesota
<br />and the Village hereby agrees to pay the reasonable and customary charges of said
<br />paying agent for the receipt and disbursement thereof.
<br />3. The bonds shall be prepared for execution forthwith, executed and
<br />delivered to Allison Williams Company of
<br />Minneapolis Minnesota as purchaser thereof, in the manner and
<br />substantially in the form set forth in said Ordinance No. 68, upon payment by the
<br />purchaser of par plus accrued interest, as provided in the contract of sale of
<br />said bonds heretofore accepted by this Council. The proceeds of issuing said
<br />bonds shall be credited by the Treasurer to the funds and in the amounts as
<br />follows:
<br />FUND
<br />Water Improvement No. 1966 -9
<br />Sanitary Sever,
<br />Improvement No.
<br />Sewer and Water
<br />No. 1967 -1
<br />Improvement No. 1964 -1A
<br />AMOUNT
<br />3,247.49
<br />Water and Street
<br />1967 -5 151, 075.40
<br />Improvements
<br />-4-
<br />83,977.11
<br />11,700.00
<br />250 ,000 00
<br />
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