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(Resolution #348, continued) <br />The bonds maturing in the years 1972 through 1978 shall not be subject <br />to redemption before maturity, but those maturing in the years'1979 <br />through 1987 shall be each subject to redemption and prepaymentin_ <br />inverse order of serial numbers at the option of the Village on _ <br />February 1, 1978, and any interest'payment date thereafter, at a <br />price of 101=1/2 and.accrued interest. Not less.than thirty days before <br />the date specified for prepayment and. redemption of any of said bonds,. <br />- <br />-the Village Treasurer shall publish notice of the call thereof in a <br />daily or weekly periodical.published in a Minnesota city of the first <br />class or its metropolitan area, which circulates throughout the state <br />and furnishes financial news as a part of its service. The Treasurer <br />shall also mail such notice to the bank at which the.bonds are then <br />payable, but published notice shall be effective without mailing. <br />The principal - of and interest on said bonds shall be payable at the <br />main office of the First National Bank of Minneapolis, in Minneapolis, <br />Minnesota, and the Village hereby agrees to pay the reasonable and <br />customary charges.of such paying agent for the receipt and disburse-' <br />ment thereof. <br />3. The bonds shall be prepared for execution forthwith, <br />executed and delivered to said purchasers in the manner and substanti- <br />ally in the form set forth in said Ordinance No. 56, upon payment <br />by the purchasers of $1;275.,443 plus accrued interest, as provided <br />in the contracts of sale above described, and the'proceeds thereof <br />shall be credited by the Treasurer to the funds of the.various <br />improvements mentioned in paragraph 1 of this resolution, and used <br />solely to pay the costs of said improvements and for the other purposes <br />specified in said ordinance,.provided that all proceeds of the Series A <br />bonds received in excess of $340,124 and all proceeds of the Series B <br />bonds received in excess of $844,229 will be needed for the payment <br />of interest to accrue on the bonds during the construction of the <br />improvements and shall be held therein and used only for such purpose. <br />4. In accordance with said ordinance, it is hereby estimated <br />that special assessments have been or will be levied..so as to be <br />available for credit to the Improvement Bond Redemption Fund in the <br />amounts payable in the years set forth below, as follows:' <br />Amount of Years in which <br />Name of Improv1Eiln:ent Assessments Collectible <br />1967LS-1 & 1967LW-1 $ 85,000 1969 through 1984 <br />1969LS-2 & 1969LW-2 190,000 1971 through 1986 <br />1969LS-1 750000 1971 through 1986 <br />1970LS-1. - 9451000 1972'through 1987 <br />Said assessments will be collectible with interest at the rate of <br />8% per annum. To the first installment shall be added interest on <br />the entire assessment on each property from the date of adoption thereof <br />until December 31 of the year in which the first installment is <br />payable, and to each subsequent installment shall be.added interest <br />for one year on the then unpaid balance of the assessment. <br />5. It is estimated that the collections of said special <br />assessments and the other moneys appropriated to the Improvement Bond <br />Redemption Fund, will produce at least five per cent in excess of the <br />amounts needed each year to meet when due the principal and interest <br />payments on the bonds herein authorized, and on all other bonds of the <br />Village payable from the Improvement Bond Redemption Fund. All moneys <br />