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Street and Water Im- July 27, 1964 August 24, 1964 4,100
<br />provement 1964 -1
<br />Street and Water Im- August 24, 1964 October 14, 1964 30,000
<br />provement 1964-2
<br />County Road H Water February 8, 1965 Mar. 22, 1965 50,000
<br />Improvement 1965 -1
<br />Silver Lake Rd. Water November 9,1964 awarded by 15.710
<br />Improvement 1965 -2 Ramsey County 2,116,040
<br />Less portion of cost financed by $1,860,000
<br />Improvement Bonds dated April 1, 1965 1,860,000
<br />256,040
<br />73,000
<br />Sanitary Sewer and
<br />Water Improvement
<br />1966 -1
<br />Sanitary Sewer, 735,960
<br />Watermain and Surface
<br />Water Drainage
<br />Improvement 1966 -3 1,065,000
<br />Total improvement costs to be financed
<br />that the total benefits resulting from said improvements to the
<br />assessable lots, pieces and parcels of land affected thereby and to
<br />the Village at large will be substantially in excess of the total
<br />cost of such improvements; that in order to pay the cost of construc-
<br />ting said improvements it is necessary to borrow the sum of $1,065,000;
<br />that the Village has outstanding $1,575,000 Temporary Improvement
<br />Bonds dated August 1, 1964, all of which become due and payable on
<br />August 1, 1966; that said bonds were issued for the payment of costs
<br />of making said Sanitary and Storm Sewer and Street Resurfacing
<br />Improvement, and all of the proceeds of said bonds were expended for
<br />said purpose; that no moneys remain in the fund of said improvement
<br />available for transfer to theTemporary Improvement Bond Fund for the
<br />payment of said bonds; that it is therefore necessary to issue
<br />$1,575,000 of definitive improvement bonds for the purpose of refunding
<br />said temporary bonds; that said borrowings herein determined to be
<br />necessary can best be made by the issuance of $2,640,000 general
<br />obligation improvement bonds of the Village in accordance with the
<br />provisions of Chapter 429, Minnesota Statutes 1961, as hereinafter
<br />provided; that said bonds should be and are hereby made payable from
<br />the Improvement Bond Redemption Fund of the Village, in accordance
<br />with the provisions of Ordinance No. 68 of the Village, adopted on
<br />May 25, 1960, and shall be secured by all the covenants and governed
<br />by all the terms and provisions set forth in said ordinance, and that
<br />all acts, conditions and things required by the Constitution and laws
<br />of the State of Minnesota to be done, to exist, to happen and to be
<br />performed preliminary to the issuance and sale of said bonds to provide
<br />moneys to pay for said improvements and to redeem said temporary bonds
<br />have been done, do exist, have happened and have been performed in due
<br />form time and manner as so required.
<br />2. Said bonds shall be dated July 1, 1966, shall be numbered
<br />serially from 1 to 528, inclusive, each in the denomination of $5000,
<br />shall bear interest at the rates set forth below, from date of issue
<br />until paid or duly called for redemption, and shall mature serially
<br />on January 1 in the respective years and amounts as follows:
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