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<br /> 6% per annum, said installments having been spread or to be spread so that the first
<br /> installment thereof is or will be collectible with taxes payable in the years 1968,
<br /> 1969, or 1970.
<br /> 7. For the purpose of providing, together with payments and prepayments
<br /> of special assessments plus interest to accrue thereon, aggregate amounts not less
<br /> than 5% in excess of the amounts needed to meet when due the principal and interest
<br /> payments on eacil and all of the bonds herein authorized, there shall be and there is
<br /> hereby levied a direct, annual, ad valorem tax on all the property within the Vil -
<br /> lage, collectible in the years and in the amounts as follows :
<br /> Collection Collection Collection
<br /> Year Amount Year Amount Year Amount
<br /> 1969 $29716.88 1976 549399.50✓/ 1933 $2,678.00
<br /> 1970 5,173.50 1977 3,770.50� ' 1984 2,584.00
<br /> 1971 5,044.50 1978 3,663.00 1985 2,488.00
<br /> 1972 4,915.50 1979 3,04.00 1986 2,392.00
<br /> 1973 4,786.50 1980 2,956.00 1987 2,294.00
<br /> 1974 4,657.50✓ 1981 2,864.00 1988 2,196.00
<br /> 1975 4,528.50/ 1982 2,772.00 1989 2,098.00
<br /> Said levies shall be irrepealable except as to the extent and in the manner provided
<br /> for Minnesota Statutes, Section 475.61 and in Ordinance Flo. 59, and all collections
<br /> thereof shall be credited as provided in paragraph 5 hereof. The Village hereby
<br /> recognizes and reaffirms its pledge of the full faith and credit of the Village to
<br /> the payment of these bonds.
<br /> 8. The Clerk is hereby authorized and directed to file with the County
<br /> Auditors of Hennepin and Ramsey Counties, a certified copy of this resolution and
<br /> to obtain from said County Auditors a certificate setting forth the registration of
<br /> said bonds in their registers in accordance with the provisions of Minnesota
<br /> Statutes, Section 475.63, as amended, and stating that the tax required by law for
<br /> the payment of said bonds has been levied.
<br /> 9. 1lhen all bonds issued pursuant to this resolution, and all coupons
<br /> appertaining thereto, have been discharged as provided in this section, all pledges,
<br /> covenants and other rights granted by this resolution to the holders of the bonds
<br /> shall cease. The Village may discharge all bonds and coupons which are due on any
<br /> date by depositing with the paying agent or agents for such bonds on or before that
<br /> date a sum sufficient for the payment thereof in full ; or if any bond or coupon
<br /> should not be paid when due, it may nevertheless be discharged by depositing with
<br /> the paying agent a sum sufficient for the payment thereof in full with interest
<br /> accrued to the date of such deposit. The Village may also discharge any prepayable
<br /> bonds according to their terms,be depositing with the paying agent or agents on or
<br /> before that date an amount equal to the principal, interest and redemption premium,
<br /> if any, which are then due, provided that notice of such redemption has been duly
<br /> given as provided 'herein. The Village may also at any time discharge any issue of
<br /> such bonds in its entirety, subject to the provisions of law now or hereafter author
<br /> izing and regulating such action, by calling all prepayable bonds of such issue for
<br /> redemption on the next date when they may be prepaid in accordance with their terms,
<br /> by giving the notice required for such redemption, and by depositing irrevocably in
<br /> . escrow, with a bank qualified by law as an escrow agent for this purpose, cash or _
<br /> securities which are general obligations of the United States or securities of
<br /> United States agencies which are authorized by law to be so deposited, bearing inter-
<br /> est payable at such times and at such rates and maturing on such dates as shall be
<br /> required to pay all principal, interest and redemption premiums to become due on all
<br /> bonds of the issue on and before said redemption date.
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