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The collections of said taxes shall be credited and paid into the improvement Bond Redemption Fund of the Village. It is hereby estimated that the collec- tions of the special assessments described in paragraph 4 hereof and of the taxes herein levied, and all other taxes and assessments heretofore levied and appropri- ated to said fund, will produce at least five per cent in excess of the amounts needed each year to meet when due the principal and interest payments on the bond herein authorized, and on all other bonds of the Village payable from the Improve went Bond Redemption Fund. The motion for the adoption of the foregoing resolution was duly seconded by Member Johnson and upon vote being taken thereon, the following voted in favor thereof: Rustad, Malvin, Walser, Johnson and Lang and the following voted against the same: none whereupon said resolution was declared duly passed and adopted. The Clerk presented a proposed form of bond and coupon for the printing of $140,000 Municipal State -Aid Street Bonds of 1968, which was examined by all members present, approved and ordered placed on file in the office of the Clerk. Member Rustad then introduced the following resolution and moved its adoption: RESOLUTION #353 RESOLUTION ESTABLISHING FORK AND DETAILS AND AUTHORIZING EXECUTION AND DELIVERY OF $140,000 MUNICIPAL STATE AID STREET BONDS OF 1968, AND APPROPRIATING STATE AID STREET ALLOTMENTS TO THEIR PAY T, AND PLEDGING THE FULL FAITH AND CREDIT OF THE VILLAGE BE IT RESOLVED by the Village Council of the Village of Mounds View, Minnesota, as follows: 1. It is hereby found and determined that under and pursuant to the provisions of Minnesota Statutes, Section 162.18, this Council is authorized to issue negotiable coupon general obligation bonds of the Village for the purpose of financing state -aid street improvements; that the bonds herein authorized are necessary to be issued for said purpose and have been duly advertised at public sale and sold upon the terms hereinafter stated; that the Village has no bonds outstanding issued pursuant to such authority; and that the average annual amount of principal and interest due on said bonds in all subsequent years will not ex- ceed 50% of the amount of the last annual allotment preceding this issue, received by the Village of Mounds View from the Construction Account in the Municipal State Aid Street Fund of the State of Minnesota, such annual allotment having been in the amount of 25,377 The proceeds of said bonds are hereby appropri- ated to be used solely for the construction of approved municipal state -aid street projects within the Village. 2. Said bonds shall be designated as Municipal State Aid Street Bonds of 1968 shall be dated as of January 1, 1968, shall be 28 in number and num- bered from 1 to 28 inclusive, each in the denomination of 5,000 and shall mature serially on January 1, without option of prior payment, in the years and amounts set forth below, the bonds of each annual maturity to bear in- terest from date of issue until paid at the rate per annum shown opposite the year of such maturity, as follows: -6-