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il (Resolution #380, continued) 1979 through 1978 shall be each subject to redemption and prepayment in inverse orde•>r of serial numbers at the option of the Village on February 1, 1978, and any interest payment date thereafter, at a price of 101-1/2 and accrued interest. Not less than thirty days before the date specified for prepayment and redemption of any of said bonds, the Village Treasurer shall -publish notice of'the call thereof in a daily or weekly periodical published in a Minnesota -city of the first class or its metropolitan area, which'.circulates throughout the state and furnishes financial news as a part of its service. The Treasurer shall also mail such notice to the bank at which the bnnds are then payable, but published notice shall be effective without mailing... -The principal of and interest -on said bonds shall be payable at the main office of the Northwestern National Bank of. Minneapolis,'in Minneapolis, Minnesota, and the Village hereby agrees to pay the reasonable and customary charges of such paying agent for the receipt and disbursement thereof. 3.• The bonds shall be prepared for execution forthwith., executed and delivered to said purchasers in the manner and substantially in'the form set forth in said Ordinance No. 56, upon payment by the purchasers of $1,125,276.60 plus accrued interest, as provided in the contract•of sale above described, and the proceeds thereof shall be credited by the Treasurer to the fund of the improvement mentioned in paragraph 1 d'f this resolution, and used solely to pay -the costs of said improvement and for the other purposes specified in said ordinance, provided that all proceeds of the bonds received in excess of $1,039,800 will be needed for the payment of interest to accrue on the bonds during .the construction of the improvement and shall be held therein and used only for such purpose. 4. In accordance with said ordinance, it is hereby estimated that special assessments will be levied so as to be available for credit to the Improvement Bond Redemption Fund in the amount of $978,815 payable in equal annual installments collectible in the years 1972 through 1986. Said assessments'will be collectible with interest at the rate of 8% per annum. To the first installment shall be added interest on the entire assessment on each property from the date of adoption thereof until. December 31 of the year in whichithe first: installment is payable, and to each subsequent installment shall be n0de;d inti:vcst- for of e yc4-,r on the thea unpaid balance of the assessment. 5. It is estimated that the collections of said special assessment: and the.other•moneys appropriated to the Improvement Bond Redemption Fund, will produce at least five per cent in excess of the amounts needed each year to meet when due the principal and interest payments on the bonds. herein authorized,'and on all other bonds of the Village payable from the Improvement Bond Redemption Fund. All moneys collected therefrom shall be and are hereby appropriated to the Improvement Bond Redemption Fund, and shall be accounted for and expended in the manner provided in Ordinance No. 56. The full faith and credit of -the Village is also pledged for the payment of said bonds and interest as provided in said ordinance. Adopted by the Village Council of the Village of Orono, Minnesota at a special meeting held January 12, 1971. <_ Louis B. 0 .er auser, Attest: X_ / X _t .– R—alphartin, Cler -Administrator yor