Resolution 0454 - Laserfiche WebLink

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Interest shall be payable on each February 1 and August 1, beginning on February 1, 1970. Bonds maturing in the years 1972 through 1981 shall be payable on their stated maturity dates without option of prior payment, but bonds having stated maturity dates in the years 1982 through 1991 shall each be subject to redemption and prepayment at the option of the Village in inverse order of serial numbers on February 1, 1981, and any interest payment date thereafter, at 1022 of par value plus accrued interest. Notice of any call for redemption shall 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 publishes financial news as a part of its service. Notice shall also 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 agrees to pay the reasonable charges of said pay- ing agent. 2. Said bonds and the interest coupons to be thereto attached shall be in substantially the form approved at this meeting. 3. The bonds shall be prepared under the direction of the Village Clerk and attorneys, and when so prepared, shall be executed in behalf of the Village by the printed facsimile signature of the Mayor, attested by the Village Clerk, and sealed with the official seal of the Village, and the interest coupons shall be executed and authenticated by the printed facsimile signatures of the Mayor and Clerk. On the reverse side of each bond there shall be printed a copy of the legal opinion to be rendered by bond counsel, authenticated by the certificate, and printed facsimile signatures of the Mayor and Village Clerk. When said bonds have been so executed and authenticated, they shall be delivered by the Village Treas- urer to the purchaser on receipt of the purchase price heretofore agreed upon, and said purchaser shall not be required to see to the application thereof; however, all proceeds of issuance of the bonds received in excess of $1,093,144 shall be credited to the sinking fund described below. 4. A separate sinking fund for said bonds is hereby created, to be designated as the "Water System General Obligation Revenue Bond Fund which shall be kept by the Treasurer apart from all other funds of the Village and used for no purpose other than payment of principal and interest on said bonds; provided, that if any payment of principal or interest shall become due when there is not suffici- ent money in said fund therefor, the Treasurer shall pay the some from the general fund of the Village and said general fund shall be reimbursed for such advances out of the proceeds of the taxes hereinafter levied. Into said sinking fund shall be paid the proceeds of all taxes and special assessments levied pursuant to this reso- lution, and the receipts of all water system net revenues pledged by the terms of this resolution, and all other moneys received for or appropriated to the payment of said bonds and interest. 5. It is hereby estimated that special assessments will be levied on account of the improvements financed by the bonds herein authorized to be issued in the principal amount of $160,000, and will be available for credit in such amount with interest to the Bond Fund referred to above; which assessments will be paid in -7-