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Interest shall be payable each February 1 and August 1, commencing on February 1, <br />1970. The bonds maturing in the years 1972 through 1981 shall not be subject to <br />redemption before maturity, but those maturing in the years 1982 through 1991 shall <br />be each subject to redemption and prepayment in inverse order of serial numbers at <br />the option of the Village on February 1,1981, and any interest payment date there <br />after, at a price of 102% of par and accrued interest. Not less than thirty days <br />before the date specified for prepayment and redemption of any of said bond., the <br />Village Treasurer shall cause notice of call for redemption to be published in a <br />daily or weekly periodical published in a Minnesota city of the first class, or its <br />metropolitan area, which circulates throughout the state and furnishes financial <br />news as a part of its regular service, and shall also cause such notice to be <br />mailed to the bank at which principal and interest are then payable, but published <br />notice shall be effective without mailing. The principal of and interest on said <br />bonds shall be payable at The First National Bank of Saint Paul <br />in St. Paul Minnesota and the Village hereby agrees to pay the <br />reasonable and customary charges of said paying agent for the receipt and disburse- <br />ment thereof. <br />3. The bonds shall be prepared for execution forthwith, executed and de- <br />livered to Ebin, Robertson Company, Inc. of <br />Minneapolis Minnesota as purchaser thereof, in the manner and sub- <br />stantially 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 bonds <br />shall be credited by the Treasurer to the funds and in the amounts as follows: <br />FUND AMOUNT <br />1968 -2 Improvement (including 1969 -1) 39,212 <br />1969 -3 Improvement 53,923 <br />1969 -4 Improvement 107,846 <br />$200,981 <br />and Tied solely to pay the cc.sts of said improvements and for the other purposes <br />specified in said ordinance. All proceeds of issuing the bonds received in excess <br />of $200,981 shall be credited and paid into the Improvement Bond Redemption Fund <br />of.the Village. <br />4. In accordance with said ordinance, it is hereby estimated that <br />special assessments have been or will be levied on account of the improvements <br />financed by the bonds herein authorized to be issued in the principal amounts <br />hereinafter set forth, and will be available for credit in such amounts to the <br />Improvement Bona Redemption Fund after the cost of such improvements is paid in <br />full; which assessments will be paid in annual installments collectible with <br />general taxes of the Village in consecutive years with interest at the rate of 8% <br />per annum; and that the principal amount of such assessments, the number of in- <br />stallments thereof, and the year in which the first installment will be collected <br />are as follows: <br />-4- <br />