HomeMy WebLinkAboutgr00090_000017_pg66Street and Water Im- July 27, 1964 August 24, 1964 4,100
provement 1964 -1
Street and Water Im- August 24, 1964 October 14, 1964 30,000
provement 1964-2
County Road H Water February 8, 1965 Mar. 22, 1965 50,000
Improvement 1965 -1
Silver Lake Rd. Water November 9,1964 awarded by 15.710
Improvement 1965 -2 Ramsey County 2,116,040
Less portion of cost financed by $1,860,000
Improvement Bonds dated April 1, 1965 1,860,000
256,040
73,000
Sanitary Sewer and
Water Improvement
1966 -1
Sanitary Sewer, 735,960
Watermain and Surface
Water Drainage
Improvement 1966 -3 1,065,000
Total improvement costs to be financed
that the total benefits resulting from said improvements to the
assessable lots, pieces and parcels of land affected thereby and to
the Village at large will be substantially in excess of the total
cost of such improvements; that in order to pay the cost of construc-
ting said improvements it is necessary to borrow the sum of $1,065,000;
that the Village has outstanding $1,575,000 Temporary Improvement
Bonds dated August 1, 1964, all of which become due and payable on
August 1, 1966; that said bonds were issued for the payment of costs
of making said Sanitary and Storm Sewer and Street Resurfacing
Improvement, and all of the proceeds of said bonds were expended for
said purpose; that no moneys remain in the fund of said improvement
available for transfer to theTemporary Improvement Bond Fund for the
payment of said bonds; that it is therefore necessary to issue
$1,575,000 of definitive improvement bonds for the purpose of refunding
said temporary bonds; that said borrowings herein determined to be
necessary can best be made by the issuance of $2,640,000 general
obligation improvement bonds of the Village in accordance with the
provisions of Chapter 429, Minnesota Statutes 1961, as hereinafter
provided; that said bonds should be and are hereby made payable from
the Improvement Bond Redemption Fund of the Village, in accordance
with the provisions of Ordinance No. 68 of the Village, adopted on
May 25, 1960, and shall be secured by all the covenants and governed
by all the terms and provisions set forth in said ordinance, and that
all acts, conditions and things required by the Constitution and laws
of the State of Minnesota to be done, to exist, to happen and to be
performed preliminary to the issuance and sale of said bonds to provide
moneys to pay for said improvements and to redeem said temporary bonds
have been done, do exist, have happened and have been performed in due
form time and manner as so required.
2. Said bonds shall be dated July 1, 1966, shall be numbered
serially from 1 to 528, inclusive, each in the denomination of $5000,
shall bear interest at the rates set forth below, from date of issue
until paid or duly called for redemption, and shall mature serially
on January 1 in the respective years and amounts as follows: