Resolution 0353 - Laserfiche WebLink

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Year Amount Interest Rate 1969 5,000 1970 5,000 1971 10,000 1972 10,000 1973 10,000 1974 10,000 1975 10,000 1976 10,000 4.7o% 4.7o% 4.7o;S 4.7 4.70% 4.70% 4.8o% 4.80.13 -7- Year Amount Interest Rate 1977 $10,000 1978 10,000 1979 10,000 1980 10,000 1981 1o, 000 1982 10,000 1983 10,00o 4.8o% 4.90 4.9o% 4.9o% 4.9o% 5% All bonds shall bear additional interest, represented by separate "B" coupons, from February 7, 1968, to July 1, 1969, at the rate of 1% per annum, all interest to be payable on July 1, 1968, and semiannually thereafter on each January 1 and July 1. The bonds and interest thereon shall be payable at the office of the American National Bank and Tcust Company, in St. Paul, Minnesota, and the Village hereby agrees to pay the reasonable and customary charges of said paying agent for the receipt and disbursement of the principal and interest moneys. 3. Said bonds and the interest coupons to be attached thereto shall be in substantially the form of bond and coupon approved this date. 4. Said bonds shall be prepared for execution under the direction of the Village Clerk, and when so prepared shall be executed on behalf of the Village by the facsimile signature of the Mayor and the manual signature of the Village Clerk, and the official corporate seal shall be affixed to each of the bonds; and the interest coupons and certificate as to the opinion of bond counsel shall be executed and authenticated by the printed, lithographed or engraved facsimile signatures of the Mayor and Village Clerk. When the bonds have been so executed, they shall be delivered by the Village Treasurer to the purchaser thereof, and the purchaser shall not be required to see to the application of the purchase price. 5. There is hereby created and the Village Treasurer shall continue to maintain on the official books and records of the Village, as long as the bonds herein authorized are outstanding, a separate and special sinking fund designated as the "State -Aid Street Bond Sinking Fund the moneys in which shall be used solely for the payment of the principal of and interest on the bonds herein des- cribed, and on any other general obligation State Aid Street Bonds hereafter issued under the authority cited in paragraph 1, and directed by the Village Council to be paid from such fund. If at any time the moneys in said fund should be insuf- ficient to pay all principal and interest due on such bonds, the Village Treasurer shall nevertheless pay the same from any moneys on hand in other funds of the Village and available for such purpose, and the moneys so used shall be restored to the appropriate funds from the moneys next received by the Village from the Construction or Maintenance Account in the Municipal State Aid Street Fund of the State, which are not required for the payment of additional principal and interest. There is hereby irrevocably appropriated to said fund, out of the moneys allotted and to be allotted to the Village from its account in the Municipal State -Aid Street Fund of the State, such amount as shall be sufficient to pay the principal of and the interest on the bonds herein desnribed, as such principal and interest respectively become due, on the dates and In the amounts as follows: