1961.03.21 CC Minutes - Laserfiche WebLink

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(Form of coupon) No. On the 1st day of cbruary (P.ugust) , 19_, the Village of Hugo, ty, - the main office of the ,�)'ashington Coun Minnesota, will pay to bearer at the L Northwestern National Bank of Minneapolis, at Minneapolis, Minnesota the sum of DOLLZ.RS, la�,.,7ful money of the United States of America, for the installment of interest -then due on its j'Ta-!Cerworks Improvement Bond, dated May 1, 1961, No. (Facsimile Signature) 16"X`Oil (Facsimile ;ignat_ure) V1T'T_,P_,G1,! CLERK (5) SaIld bonds shall be prepared Linder the direction of the Clerk and . when so -prepared shall be executed on behalf of the Village by the signature of -the :Mayor, attested by the Clerk, sealed the Village seal and 4 authenticated. L_ the interest coupons shall be executed and authenticated by the printed, en- c r -T fraved o lithographed _'Facsimile signatures of the Mayor and Clerk. vhen said bonds have been so executed and authenticated, they shall be delivered by the Village Treasurer -to -the purchaser on receipt of the purchase -rice heretofore agreed upon, and said purchaser shall not be required to see to the application thereot. (6) There is hereby created a separate fund of the Village to be desig- nated as the -'.',,!aterworks improvement Bond Sin,�_Jng Fund of 1961 in which shall be kept tWo separate accounts designated respectively as -the Con- struction Fund ?-account and the Sinking Fund Z'=ount. into the Construction Fund _-"ccount shall be appropriated the proceeds of -this issue (except $80750 of the proceeds of -Lhis issue which is appropriated into -the Sinking Fund J'kc- count, an-�, premium offered for the purchase of said bonds and interest accrued from -the date of said bonds to date of delivery) and the proceeds of $21,242 estimated _L prepayment of the special assessments to be levied for special bene- fit derived from said. improvements. From said Construction Fund Account shall be paid all costs of acquiring and constructing said waterworks system. Into the '` inking Fund Account shall be paid any premium offered for the purchase of said bonds, the accrued interest from the date of said bonds to the date of delivery, $8750 of the proceeds of this issue, -the proceeds of all. special assessments to be levied for special benefit derived from said im- provement, with the elxception of the $21,242 of said assessments -vfhich have been and are hereby appropriated to the payment of construction costs of said improvement, and -the proceeds of -the ad valorem -taxes hereinafter levied against all taxable property within the Village. From said Sinking Fund "�c- count shall be paid only the principal of and interest on said bonds as the same respectively become due. (7) it is hereby determined that not less than $130,000 of the cost of said improvements shall be specially assessed against properties specially ',:)enefj-t(:!d by said i1mprovement which assessments may be paid in cash without interest, if 'paid within thirty days after the adoption of said assessments, or may be paid in ten equal annual installments with interest at the rate of &,f.' per annum from -the date of the adoption of said assess- ments to-Decer=er 31 of the year of which -the first installment is payable -to