Resolution 0453 - Laserfiche WebLink

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Interest shall be payable each February 1 and August 1, commencing on February 1, 1970. The bonds maturing in the years 1972 through 1981 shall not be subject to redemption before maturity, but those maturing in the years 1982 through 1991 shall be each subject to redemption and prepayment in inverse order of serial numbers at the option of the Village on February 1,1981, and any interest payment date there after, at a price of 102% of par and accrued interest. Not less than thirty days before the date specified for prepayment and redemption of any of said bond., the Village Treasurer shall cause notice of call for redemption to be published in a daily or weekly periodical published in a Minnesota city of the first class, or its metropolitan area, which circulates throughout the state and furnishes financial news as a part of its regular service, and shall also cause such notice to be mailed to the bank at which principal and interest are then payable, but published notice shall be effective without mailing. The principal of and interest on said bonds shall be payable at The First National Bank of Saint Paul in St. Paul Minnesota and the Village hereby agrees to pay the reasonable and customary charges of said paying agent for the receipt and disburse- ment thereof. 3. The bonds shall be prepared for execution forthwith, executed and de- livered to Ebin, Robertson Company, Inc. of Minneapolis Minnesota as purchaser thereof, in the manner and sub- stantially in the form set forth in said Ordinance No. 68, upon payment by the purchaser of par plus accrued interest, as provided in the contract of sale of said bonds heretofore accepted by this Council. The proceeds of issuing said bonds shall be credited by the Treasurer to the funds and in the amounts as follows: FUND AMOUNT 1968 -2 Improvement (including 1969 -1) 39,212 1969 -3 Improvement 53,923 1969 -4 Improvement 107,846 $200,981 and Tied solely to pay the cc.sts of said improvements and for the other purposes specified in said ordinance. All proceeds of issuing the bonds received in excess of $200,981 shall be credited and paid into the Improvement Bond Redemption Fund of.the Village. 4. In accordance with said ordinance, it is hereby estimated that special assessments have been or will be levied on account of the improvements financed by the bonds herein authorized to be issued in the principal amounts hereinafter set forth, and will be available for credit in such amounts to the Improvement Bona Redemption Fund after the cost of such improvements is paid in full; which assessments will be paid in annual installments collectible with general taxes of the Village in consecutive years with interest at the rate of 8% per annum; and that the principal amount of such assessments, the number of in- stallments thereof, and the year in which the first installment will be collected are as follows: -4-